Application Forms - Mortgage Companies
Section 6.1-415 of the Virginia Mortgage Lender and Broker Act (Chapter 16 of Title 6.1 of the Code of Virginia) sets forth the qualifications for licensing. It requires the Commission, before granting a mortgage lender/broker license, to make a finding, among other things, that an applicant, and its directors, senior officers and principals have the financial responsibility, character, reputation, experience and general fitness to warrant belief that the business will be operated efficiently and fairly, in the public interest and in accordance with law. We consider all the factors required by the Code to make a determination whether a particular applicant qualifies. Obviously, a person with several years of experience in the mortgage business would not have a problem qualifying as far as experience is concerned. Experience in related fields such as banking, real estate, law, accounting, etc. would also be considered. The applicant will be given the opportunity to talk to the analyst handling the application to discuss his/her experience and demonstrate he is knowledgeable of the business and familiar with Virginia laws and regulations and applicable federal laws. We do not administer a separate written exam and do not offer courses. For courses, you may wish to check with community colleges, the Mortgage Bankers Association
, the National Association of Mortgage Brokers, and the Virginia Association of Mortgage Brokers. A Mortgage Licensee Reference Guide is available on our website and provides useful information, particularly for new licensees.
Bona fide W2 employees of licensed mortgage companies are not required to obtain their own license under Virginia law. Independent contractors need to be individually licensed.
In addition the Code requires mortgage broker licensees to maintain a minimum surety bond of $25,000 and mortgage lender and lender/ broker licensees to maintain a minimum surety bond of $50,000. The bond amount is subject to adjustment each year based on the volume of Virginia loans brokered, made or originated by the licensee during the previous calendar year.
- Required Surety Bond Amount
Schedule showing surety bond amounts by loan volume
| Loan Volume | Bond Amount |
|---|
| $0 - $5,000,000 | $25,000* |
| $5,000,001 - $20,000,000 | $50,000 |
| $20,000,001 - $50,000,000 | $75,000 |
| $50,000,001 - $100,000,000 | $100,000 |
| over $100,000,000 | $150,000 |
*Minimum bond amount for a lender or lender/broker licensee is $50,000.
Submitting CCB-8813 in the appropriate amount will also meet bonding requirements for a mortgage lender/broker licensee’s employees and exclusive agents that are subject to licensing under Chapter 16.1 of Title 6.1 of the Code of Virginia as mortgage loan originators.
Mortgage lenders must also have $200,000 in funds available for the operation of the business.
Following are applications and related forms for new mortgage companies and for existing licensees, including applications for additional offices and office relocations, additional authority, the acquisition of licensees, and exclusive agent qualifications. Each application form includes filing instructions. Some application types require the filing of supplemental forms. In each instance, the appropriate supplemental forms are listed directly following the application form. It is important to carefully read and follow all instructions and to provide full and complete responses. Investigation of the application may be delayed if the application is incomplete.
Applicants for a license to become a mortgage lender or broker should carefully review all laws, regulations, and administrative letters governing mortgage companies prior to submitting an application. Links to related laws and regulations appear below. Code and Regulation Sections can be viewed and downloaded individually or a report of multiple Sections can be created and downloaded. To download multiple Sections click on “create report” at the beginning of the table of contents for the specific Chapter and enter the beginning and ending Section of the sequence you wish to download. It is your responsibility to read and comply with all applicable laws and regulations.
Note: Links to the Code of Virginia and Virginia Administrative Code in the menus below are external linksand will take you off the SCC website.
Application Steps
- Click on the appropriate application form and download the PDF file. Instructions for each application are included in the application form.
- Download each supplemental form related to the specific application. (Applicable supplemental forms will be listed immediately following the application form).
- Read and follow all instructions in completing the application.
- Once the application has been completed, review the form making sure that all items have complete responses, the application is properly signed, and any required supplemental forms have been completed and included as part of the application package.
- New applicants should view and download applicable laws and regulations listed above by clicking on each item in the dropdown boxes at the top of the page.
- Sections of applicable chapters of the Code of Virginia can be printed individually or multiple Sections can be downloaded by clicking on “create report” at the beginning of the table of contents for the specific Chapter and enter the beginning and ending Section of the sequence you wish to download.
- Since new applicants are required to have knowledge of legal requirements it is important for the applicant to read and understand all related laws and regulations before applying for the license.
Application Forms
- MORTGAGE LENDER AND/OR MORTGAGE BROKER LICENSE
- CCB-8804 Application for a Mortgage Lender and/or Mortgage Broker License Pursuant to Chapter 16 of Title 6.1 of the Code of Virginia
- SUPPLEMENTAL FORMS
- CCB-1123 Personal Financial Report and Disclosure Statement
- CCB-1143 Limited Personal Financial Report and Disclosure Statement
- CCB-8813 Surety Bond Pursuant to Sections 6.1-413 and 6.1-431.4 of the Code of Virginia
- CCB-1149 Depository Institution Authorization Form
- CCB-1150 Employment and Business Affiliation Disclosure Form
- CCB-8812 Criminal History Records Consent and Fingerprinting Instructions
- ADDITIONAL AUTHORITY AS A MORTGAGE LENDER OR MORTGAGE BROKER
- CCB-8810 Application for Additional Authority For a Mortgage Lender or Mortgage Broker Pursuant to Chapter 16 of Title 6.1 of the Code of Virginia
- SUPPLEMENTAL FORMS
- CCB-1123 Personal Financial Report and Disclosure Statement
- CCB-1143 Limited Personal Financial Report and Disclosure Statement
- CCB-8813 Surety Bond Pursuant to Sections 6.1-413 and 6.1-431.4 of the Code of Virginia
- CCB-1150 Employment and Business Affiliation Disclosure Form
- CCB-8812 Criminal History Records Consent and Fingerprinting Instructions
- ADDITIONAL OFFICE OR RELOCATION OF AN EXISTING OFFICE
- CCB-8809 Application for an Additional Office or Relocation of an Existing Office Pursuant to the Mortgage Lender and Broker Act
- ACQUIRE CONTROL OF A MORTGAGE LENDER AND/OR BROKER LICENSEE
- CCB-8808 Application for Permission to Acquire Control of a Mortgage Lender and/or Broker Licensee Pursuant to Section 6.1-416.1 of the Code of Virginia
- SUPPLEMENTAL FORMS
- CCB-1123 Personal Financial Report and Disclosure Statement
- CCB-1143 Limited Personal Financial Report and Disclosure Statement
- CCB-1149 Depository Institution Authorization Form
- CCB-1150 Employment and Business Affiliation Disclosure Form
- APPLICATION FOR EXCLUSIVE AGENT QUALIFICATION
- CCB-8811 Application for Exclusive Agent Qualification Pursuant to Chapter 16 of Title 6.1 of the Code of Virginia
- SUPPLEMENTAL FORMS
- CCB-1123 Personal Financial Report and Disclosure Statement
- CCB-1149 Depository Institution Authorization Form
- CCB-1150 Employment and Business Affiliation Disclosure Form
Note:
All applications are investigated by the Bureau of Financial
Institutions. Certain application decisions are made by the
Commissioner of Financial Institutions under delegated authority from
the State Corporation Commission. In the event you wish to appeal
either a determination made by the Bureau of Financial Institutions in
the course of its investigation of your application or the Commissioner
of Financial Institutions’ decision on your application, you may
request a formal review by the State Corporation Commission in
accordance with its Rules of Practice and Procedure