Virginia — Exempt Company Registration Bond
A company exempt from Virginia mortgage lender or broker licensing can still need a company-filed bond covering its licensed mortgage loan originators. Identify the exemption and the originators being covered before applying.
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- Recorded state
- Virginia
- Bond type
- Consumer Finance / Lender Bond
- Category
- Financial services
What this bond does
Arrange the company-filed security described in Virginia Code 6.2-1703 for licensed originators employed by, or acting as exclusive agents of, a person licensed or exempt under Chapter16.
- Who needs it
- Exempt mortgage companies arranging coverage for their Virginia-licensed originator employees and exclusive agents.
- Who it protects
- Section6.2-1703 secures the covered licensees' written agreements with borrowers or prospective borrowers, accurate accounting for funds and compliance with applicable laws and regulations. A person damaged by breach of a bond condition may proceed against the principal, surety or both, subject to the aggregate bond limit.
Your bond option
This is the option on record for this bond.
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The bond amount describes the limit of the bond obligation, not the price. A listed amount does not establish what the requesting party requires. The premium is what you pay and must be confirmed for the actual option. An E&O limit, where listed, is separate errors and omissions insurance.
Sources
- Virginia Law: Section6.2-1703, Bond required (opens in a new tab)Checked October 27, 2026
Have these ready
- Identify the company's Chapter16 exemption and covered licensed originators.
- Distinguish employees and exclusive agents from an individual applying independently.
- Have the preceding calendar year's residential origination volume available.
- Bring the Commission's request, accepted instrument, required amount, dates and filing instructions.
Questions about this bond
Does exemption from company licensing also exempt every originator?
No such conclusion follows from the exemption. Section6.2-1703 expressly provides company-filed security for employees and exclusive agents holding or applying for a mortgage loan originator license.
Can an originator's individual bond replace the company filing?
The section distinguishes the two arrangements. Match the actual employment or exclusive-agency relationship to the Commission's requested company or individual instrument.
Is $25,000 always sufficient?
It is the statutory starting amount. The Commission can require more based on the preceding year's residential mortgage origination volume.
Can I rely on an existing mortgage company bond?
A bond filed under Section6.2-1604 can be applied toward this minimum only subject to Commission approval. Obtain that approval rather than assuming duplicate coverage or an automatic credit.