Mortgage Loan Originators:
On or after July 1, 2010, unless exempt from licensing, no individual can act as a mortgage loan originator (MLO), or hold himself out to the general public as a mortgage loan originator, unless such individual has first obtained a license under Chapter 16.1 of Title 6.1 of the Code of Virginia.
An individual can only apply for a Virginia MLO license by filing Form MU4 through NMLS.
NMLS began accepting applications for Virginia MLO licenses on August 3, 2009. You are urged to file an application by March 1, 2010 in order to obtain the required license by July 1, 2010.
Before submitting the MU4, you must establish an NMLS account.
Note: If you have submitted Form MU4 in another state, then you do not need to re-enter your record into NMLS. You will only need to add the Virginia Mortgage Loan Originator license request in the license wizard in NMLS and submit along with the VA MLO checklist and applicable documents.
In order to qualify for a license, loan originators must meet the additional requirements listed below by July 1, 2010:
- Pre-license Certification
- A Passing Score on a National and State Mortgage Test
- Satisfactory criminal background check
- A finding of financial responsibility, character and general fitness
The Bureau of Financial Institutions does not have plans at this time to process mortgage company licenses through NMLS or to manage existing mortgage lender or broker licenses through NMLS.
You are responsible for reviewing Chapter 16.1, Title 6.1 of the Code of Virginia and related regulations to ensure familiarity and compliance. You'll find these documents linked online at http://www.scc.virginia.gov/bfi.
For additional help, see the Viriginia Workflow Guide.