Virginia MLO courses, 100% online

Yes. Virginia law allows pre-licensing education courses to be delivered in the classroom, online, or by other means approved by the Registry (NMLS), provided the course itself is NMLS-approved. The required 20 hours consists of 3 hours of federal law, 3 hours of ethics, 2 hours on nontraditional mortgage products, and 12 hours of electives. Courses may even be delivered by your employer or an affiliated entity.

Virginia does not offer free state-run training, but your employer can provide it. State law allows pre-licensing education to be delivered by the employer, an affiliated entity, or a subsidiary, as long as the course is approved through the Nationwide Multistate Licensing System and Registry (NMLS). Otherwise you must complete the 20 hours through an approved provider, and prices vary.

Yes. Virginia accepts online pre-license courses, as long as they are approved by the Registry and meet the NMLS course rules. Virginia requires the standard 20 hours and adds no state-specific education, so an online course covering 3 hours of federal law, 3 hours of ethics, 2 hours on nontraditional mortgage products, and 12 hours of electives satisfies the requirement.

Yes. Virginia law allows the required 20 hours of pre-licensing education to be delivered in a classroom, online, or by other means approved by the Nationwide Multistate Licensing System (NMLS). The courses must be NMLS-approved and must include 3 hours of federal law, 3 hours of ethics, 2 hours on nontraditional mortgage products, and 12 hours of electives.

No. In Virginia, anyone who takes applications for, or offers or negotiates terms of, residential mortgage loans on Virginia dwellings must hold a state MLO license or a federal registration. Employees of banks and credit unions register through NMLS under federal law instead of obtaining a state license. Education, testing, and licensure must come first, because Virginia does not permit originating loans while still completing the requirements.

Yes. Virginia processes mortgage lender and broker licenses through the Nationwide Multistate Licensing System and Registry (NMLS), so the application is filed online rather than on paper. The company files Form MU1, and control persons file Form MU2. The license requires a surety bond of at least $25,000 that must be continuously maintained, and the Commission sets the financial responsibility and character standards for applicants.

No, Virginia does not require a college degree to become a mortgage loan originator. The licensing path is the 20-hour pre-licensing course, the SAFE MLO test, and the background, credit, and bonding checks required by the Bureau of Financial Institutions.

You do not need an employer to apply for a Virginia MLO license, but if you are employed by a Virginia-licensed mortgage lender or broker, your employer must submit a sponsorship request through NMLS, which Virginia reviews and accepts or rejects. The employer also files the single surety bond covering all of its MLO employees and agents. Without qualifying bond coverage, Virginia issues the license inactive, and you may not originate loans until the Bureau confirms coverage.

Virginia has no minimum credit score, but the Bureau of Financial Institutions reviews the credit report obtained through NMLS. You fail the financial responsibility standard for judgments or collections over $2,000, tax or governmental liens over $1,000, delinquent or charged-off accounts over $3,000, or any foreclosure in the past 7 years. These are not automatic disqualifiers: you can still qualify by showing good-faith efforts to repay and that hardship, such as loss of income, divorce, or medical expenses, substantially impeded repayment.

Call the NMLS Call Center at 1-855-665-7123 for help with your NMLS account, license applications, education, and testing. For questions specific to Virginia, contact the Bureau of Financial Institutions' MLO licensing unit at (804) 371-9690 or mortgagelicensing@scc.virginia.gov.