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 State Licensing Requirements

 
Company Licenses Description Requirements Checklist
Broker License This license is required of any company or sole proprietor that, directly or indirectly, negotiates, places or finds mortgage loans for others, or offers to negotiate, place or find mortgage loans for others.
Exempt Company Registration Any entity or sole proprietorship that employs Virginia licensed mortgage loan originators and that is exempt, or otherwise not required to be licensed under Virginia law as a mortgage lender/broker. This registration is optional and is intended for those who wish to take advantage of the efficiencies offered by NMLS.
Lender License This license is required of any company or sole proprietor that, directly or indirectly, originates or makes mortgage loans.
Branch Licenses Description Requirements Checklist
Branch License This license is required for any office location that is separate and distinct from a principal office where a company, or sole proprietor, conducts business as a mortgage lender or mortgage broker on Virginia residential real estate, or where Virginia loan files are stored.
Individual Licenses Description Requirements Checklist
Mortgage Loan Originator License This license is required for an individual who takes an application for or offers or negotiates the terms of a residential mortgage loan that is secured by real property located in the Commonwealth of Virginia.
Transitional Mortgage Loan Originator "Transitional mortgage loan originator license" means a license issued under Chapter 16 of Title 6.2 of the Code of Virginia to engage in business as a mortgage loan originator for a period of no more than 120 days, during which time the individual may fulfill the pre-licensing education and written test requirements described in ยงยง 6.2-1708 and 6.2-1709 and apply for a mortgage loan originator license. A mortgage loan originator is defined as an individual who takes an application for or offers or negotiates the terms of a residential mortgage loan, as defined by the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (S.A.F.E).
 

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