{"data":{"id":"us-va/10vac5-160-15","jurisdiction":"us-va","citation":"10VAC5-160-15","heading":"Surety bond; required funds","body":"A. As required by § 6.2-1604 of the Code of Virginia, a surety bond shall be filed with the commissioner and continuously maintained thereafter in full force by each licensee. The minimum bond amount required for a mortgage broker shall be $25,000, and the minimum amount required for a mortgage lender or for a mortgage company with dual authority as both a mortgage lender and mortgage broker shall be $50,000. The bond amount shall be adjusted annually in accordance with the following scale based upon residential mortgage loans originated during the preceding calendar year:\n\nLOANS\n\nBOND AMOUNT\n\n$0 - $5,000,000\n\n$25,000\n\n$5,000,001 - $20,000,000\n\n$50,000\n\n$20,000,001 - $50,000,000\n\n$75,000\n\n$50,000,001 - $100,000,000\n\n$100,000\n\nover $100,000,000\n\n$150,000\n\nB. If a person has been or is engaged in business as a mortgage lender or mortgage broker and has filed a bond with the commissioner, the bond shall be retained by the commissioner notwithstanding the occurrence of any of the following events:\n\n1. The person's application for a license is withdrawn or denied;\n\n2. The person's license is surrendered, suspended, or revoked; or\n\n3. The person ceases engaging in business as a mortgage lender or mortgage broker.\n\nC. As required by § 6.2-1606 of the Code of Virginia, a mortgage lender shall maintain at least $200,000 in funds available for the operation of its business. To comply with this requirement, a mortgage lender shall maintain documentation of one of the following: (i) ownership of funds on deposit in a bank or other depository institution, (ii) an established line of credit from a bank or other depository institution; or (iii) a combination of clauses (i) and (ii). Neither letters of credit nor lines of credit from sources other than a bank or other depository institution shall satisfy this requirement.","path":["Title 10. Finance And Financial Institutions","Agency 5. State Corporation Commission","Chapter 160. Rules Governing Mortgage Lenders and Brokers"],"source_url":"https://law.lis.virginia.gov/admincode/title10/agency5/chapter160/section15/","current_through":"2026 Regular Session (effective July 1, 2026)","vintage":"","retrieved_at":"2026-09-14T04:49:34Z","sha256":"dbea1bd7b6692bf94244096600b5707da90d95267e49697a20952d3c5dae1fa9","source_id":"us-va-vac","stale":false,"prev":"us-va/10vac5-160-10","next":"us-va/10vac5-160-20"},"notice":"GroundRules: Original legal text. Not legal advice."}