Virginia federal servicer contractor bonds.
$300 flat.
A servicer holding a contract awarded by the U.S. Secretary of Education skips Virginia’s normal application: under Va. Code § 6.2-2602 the Commissioner automatically issues the license once the fee and this bond are in. The bond is $50,000 at the statutory floor. Ours is $300 flat.
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How much does a Virginia federal servicer contractor bond cost?
$300 at the $50,000 amount, the same for every applicant.
Three steps. One sitting.
The federal-contractor filing is the shortest route into Virginia, and the bond is checkout-priced. Here is the entire process:
Apply online
Company details, an effective date, and a term. That is the application. No credit check.
Pay & e-sign
This bond is checkout-priced at $300 flat, so it issues the moment you pay — your executed bond and power of attorney generate on the spot.
File the Registry company form
Submit the executed bond with your NMLS company filing form and the § 6.2-2603 fee; the Commissioner issues the license automatically. Wet-ink originals mailed on request.
What it is and who needs it.
What the bond actually guarantees
Section 6.2-2602 of the Code of Virginia carves out a distinct route for federal student loan servicing contractors. A person the Commissioner determines is a party to a contract awarded by the U.S. Secretary of Education under 20 U.S.C. § 1087f is exempt from the application procedures in subsections A and B of § 6.2-2603 — the Commissioner automatically issues the license on payment of the § 6.2-2603(C) fee and the providing of the bond required by § 6.2-2604.
The mechanics: complete and submit the Registry's company filing form through NMLS, accompanied by the fee and the surety bond. Renewals are automatic too, on payment of the § 6.2-2607(E) fees. The license automatically expires 30 days after the expiration, revocation, or termination of the underlying contract with the U.S. Secretary of Education — so the bond tracks the federal contract.
The bond itself is the same instrument every servicer files under § 6.2-2604: not less than $50,000 nor more than $500,000, continuously maintained, conditioned on performing written agreements concerning qualified education loans and accounting correctly for funds received. It is not insurance for you — if the surety pays a claim, you repay the surety.
You need this bond if you're
Claims, renewal, filing, and what sets the price.
If a claim is made
A claim comes from the party the bond protects, the obligee named on the form, when the duty the bond guarantees is not met.
The surety investigates and pays a valid claim, up to the $50,000 bond amount. You then repay the surety: a surety bond is a guarantee of your performance, not insurance for you.
Renewal and term
The premium covers a one-year term from the effective date you choose; a longer term is the same price per year, chosen at checkout.
Renew before the expiry date to keep the bond in force: the license, permit or contract it backs expects continuous coverage.
How to file it
File the Registry company form. Submit the executed bond with your NMLS company filing form and the § 6.2-2603 fee; the Commissioner issues the license automatically. Wet-ink originals mailed on request.
What sets the price
The premium is fixed at $300 at the $50,000 amount for every applicant: the carrier’s rate book prices this bond by the form, not by your credit or your business profile.
No credit check.
One application, issued instantly.
These are the actual issuing fields — company details, an effective date, and a term. That is the entire application.
Start the application →Common questions.
Virginia mortgage license bonds.
We write 7 mortgage license bonds in Virginia. Each license has its own bond, amount and price; pick the one your license calls for.
| License bond | Required by | Bond amount | Price |
|---|---|---|---|
| Mortgage Broker and Lender Bond (NMLS) | Va. Code § 6.2-1604 · 10VAC5-160-15 | $50,000 or more | From $300 |
| Mortgage Broker Bond (NMLS) | Va. Code § 6.2-1604 · 10VAC5-160-15 | $25,000 or more | From $150 |
| Mortgage Lender Bond (NMLS) | Va. Code § 6.2-1604 · 10VAC5-160-15 | $50,000 or more | From $300 |
| Mortgage Loan Originator Bond | Va. Code § 6.2-1703 · 10VAC5-161 | $25,000 or more | From $150 |
| Qualified Education Loan Servicer — Federal Contractor Bond ($50,000) (this page) | Va. Code § 6.2-2602 · § 6.2-2604 | $50,000 | $300 |
| Qualified Education Loan Servicer Bond ($50,000) | Va. Code § 6.2-2604 | $50,000 | $300 |
| Virginia Exempt Company Registration Bond | Va. Code § 6.2-1703 • 10VAC5-161-50 • SCC form CCB-8813 | $25,000 to $150,000 | From $150 |
Other Virginia bonds.
Been told you need a different amount?
Price and requirements checked on the carrier’s application, . Page updated .
Get your automatic license moving today.
$300 flat, issued the moment you pay, no credit check. Free until issued.