Virginia lenders are regulated by the Bureau of Financial Regulation. Virginia lenders and personnel are required to register with the NMLS; however, personnel of national and state-chartered banks are exempt from Virginia licensing requirements. Personnel of Virginia mortgage banks are required to meet state licensing requirements that include testing, continuing education, criminal background checks and minimum credit report and score requirements. Because of lobbying from large, well connected national banks, most Virginia lenders are exempt from licensing requirements and hire inexperienced, poorly compensated people off the street and convert them into high volume, low quality loan sweatshop employees; however, Virginia mortgage bank personnel are required to meet stringent licensing, testing and education requirements.
When seeking Virginia lenders you would be best served in avoiding national banks and instead opting for state-licensed mortgage banks. If you are specifically seeking out Northern Virginia lenders and are seeking out licensed and knowledgeable Virginia lenders please consider our branch whose personnel are highly experienced, well connected and have met stringent state licensing and continuing education requirements.