Mortgage licensing / Virginia

Virginia Qualified Education Loan Servicer License

company licence · NMLS VAEDUCATIONLNSERVICER_C · BFI

Requirements (17)

1. Step 1

   Financial Statements: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement. NOTE: All applicants must upload a current (less than 90 days old) financial statement for the applicant that has been prepared in accordance with Generally Accepted Accounting Principles. Financial statements should include a balance sheet, income statement and all relevant notes thereto. If applicant is a start-up company, only a beginning balance sheet and a pro forma balance sheet and income statement for the first year of operation need to be provided.

   Submitted via: NMLS

2. Step 2

   Forced Trade Name: If the Virginia State Corporation Commission has notified the applicant that it cannot use its legal name in Virginia because the name is already registered by another company, the applicant must adopt an alternate name for use in Virginia. In this situation, the applicant must use their legal name on the NMLS Company Form Identifying Information section and record the alternate name in the NMLS Company Form Other Business Names section, with the indication that it is “Forced.”

   Submitted via: NMLS

3. Step 3

   Credit Report: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement.

   Submitted via: NMLS

4. Step 4

   MU2 INDIVIDUAL FBI CRIMINAL BACKGROUND CHECK REQUIREMENTS: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement.

   Submitted via: NMLS

5. Step 5

   Electronic Surety Bond: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement. Note: Surety bonds submitted via the Document Uploads section will not satisfy this requirement.

   Submitted via: Electronic Surety Bond in NMLS

6. Step 6

   Business Plan: Upload a business plan outlining the following information: • Marketing strategies • Products • Target markets • Fee schedule • Operating structure the applicant intends to employ. This document should be named [Company Legal Name] Business Plan. Note: If the existing uploaded business plan already includes the above information, an additional document does not need to be uploaded. A company should only upload a single business plan. If state-specific material is required, this information should be added to the existing uploaded business plan.

   Submitted via: Upload in NMLS: under the Document Type Business Plan in the Document Uploads section of the Company Form (MU1).

7. Step 7

   Certificate of Authority/Good Standing Certificate: Upload evidence of registration with the Clerk of the Virginia State Corporation Commission, if a corporation, limited liability company, limited partnership, or business trust applicant. This document should be named VA Certificate of Authority or VA Certificate of Good Standing.

   Submitted via: Upload in NMLS: under the Document Type Certificate of Authority/Good Standing Certificate in the Document Uploads section of the Company Form (MU1).

8. Step 8

   Other Trade Name: An applicant that is a corporation, limited liability company or limited partnership (regardless of where domiciled) must file an assumed name certificate, for each trade name to be used in Virginia, with the Clerk’s Office of the Virginia State Corporation. Sole proprietor applicants that are located in Virginia must also file an assumed name certificate with the Clerk’s Office of the Virginia State Corporation. Sole proprietor applicants that are located outside of Virginia must register the trade name(s) in accordance with the laws of the state where the business is located. For each trade name to be used in Virginia, upload evidence that the trade name has been properly registered as noted above. This document should be named VA Qualified Education Loan Servicer License – Assumed Name.

   Submitted via: Upload in NMLS: under the Document Type Certificate of Authority/Good Standing Certificate in the Document Uploads section of the Company Form (MU1).

9. Step 9

   Management Chart: Submit a management chart displaying the applicant’s directors, officers, and managers. The chart should include, at a minimum, all departmental heads or managers in charge of compliance, underwriting, marketing, information technology, operations and finance. For each position, provide the individual’s name, title and a brief description of their job duties and responsibilities. This document should be named [Company Legal Name] Management Chart. Note: If the existing uploaded management chart already includes the above information, an additional document does not need to be uploaded. A company should only upload a single management chart.

   Submitted via: Upload in NMLS: under the Document Type Management Chart in the Document Uploads section of the Company Form (MU1)

10. Step 10

    Formation Documents: Determine classification of applicant’s legal status and submit a State certified copy of the requested applicable documentation detailed below. Sole Proprietor • N/A for Virginia Unincorporated Association: • By-Laws or constitution (including all amendments). General Partnership: • Partnership Agreement (including all amendments). Limited Liability Partnership: • Certificate of Limited Liability Partnership; and • Partnership Agreement (including all amendments). Limited Partnership: • Certificate of Limited Partnership; and • Partnership Agreement (including all amendments). Limited Liability Limited Partnership: • Certificate of Limited Liability Limited Partnership; and • Partnership Agreement (including all amendments). Limited Liability Company (“LLC”): • Articles of Organization (including all amendments); • Operating Agreement (including all amendments); • IRS Form 2553 or IRS Form 8832 if S-corp treatment elected; and • LLC resolution if authority not in operating agreement. Corporation: • Articles of Incorporation (including all amendments); • By-laws (including all amendments), if applicable; • Shareholder Agreement (including all amendments), if applicable; • IRS Form 2553 if S-corp treatment elected; and • Corporate resolution if authority to complete application not in By-Laws or Shareholder Agreement, as amended, as applicable. Not for Profit Corporation: • N/A for Virginia – for more information, see related checklist for Determination of a Bona Fide Non-Profit Status. Trust (Statutory): • Certificate of Trust; and Governing instrument (all amendments).

    Submitted via: Upload in NMLS: under the Document Type Formation Document in the Document Uploads section of the Company Form (MU1). This document should be named Formation Documentation [Date of Creation (MM-DD-YYYY)].

11. Step 11

    Organizational Chart/Description: Submit a chart showing (or a description which includes) the percentage of ownership of: • Direct Owners (total direct ownership percentage must equate to 100%) • Indirect Owners • Subsidiaries and Affiliates of the applicant/licensee This document should be named [Company Legal Name] Organizational Chart – Description. Note: If the existing uploaded Organizational Chart/Description already includes the above information, an additional document does not need to be uploaded. A company should only upload a single management chart.

    Submitted via: Upload in NMLS: under the Document Type Organizational Chart/Description in the Document Uploads section of the Company Form (MU1).

12. Step 12

    Criminal History Records Check: Submit a completed fingerprint card and a Criminal History Records Consent and Fingerprinting Instructions form (CCB-12004) for any Senior Officers and Principals of the applicant not required to file a MU2 in NMLS and cannot authorize a FBI criminal background check through NMLS. Fingerprint cards should be obtained ONLY from the Bureau of Financial Institutions prior to applying for a license. Please e-mail your request for fingerprint cards or questions about criminal history records checks to corporatestructure@scc.virginia.gov or call (804) 371-9690.

    Submitted via: Mail to Virginia

13. Step 13

    Personal Financial Statements: Each individual required to submit to a Criminal History Records Check, either by submitting a completed fingerprint card or by authorizing it through NMLS, is also required to submit a properly executed, current (less than 90 days old) Personal Financial Statement on form (CCB-1123). An outside director (a person who is not a paid employee of the applicant or its parent and who does not own 10 percent or more of the stock of the applicant and its parent) may elect to use the Limited Personal Financial Report form (CCB-1143). The report must be executed with original signature(s). Personal financial report forms are held confidential. DO NOT UPLOAD PERSONAL FINANCIAL STATEMENTS IN NMLS.)

    Submitted via: Mail to Virginia

14. Step 14

    Principal Financial Statements: Any entity (non-natural person) that owns or controls ten percent or more of the applicant, directly or indirectly, must submit a current (less than 90 days old) balance sheet and income statement (audited, if available).

    Submitted via: Mail to Virginia

15. Step 15

    Business References: Submitthree written business reference letters (preferably from individuals within the industry) attesting to the character, reputation, experience, financial responsibility, and general fitness of the applicant and each of its members, senior officers, directors, and principals.

    Submitted via: Mail to Virginia

16. Step 16

    Bank Reference: Submit one bank reference letter and a completed Depository Institution Authorization form (CCB-1149) from a bank or depository institution with which the applicant or its members, senior officers, directors and principals have had a deposit account for at least one year. Form CCB-1149 and bank references are held confidential.

    Submitted via: Mail to Virginia

17. Step 17

    Please note that, pursuant to § 19.2-392.15 C and F of the Code of Virginia, in any application for a license or registration submitted to or filed with the Virginia Bureau of Financial Institutions (“Bureau”), including those submitted to or filed through a third party, you are not required to disclose information concerning a prior arrest, charge, or conviction that has been sealed. If you are applying to multiple states on one application, including Virginia, § 19.2-392.15 C and F of the Code of Virginia apply only to Virginia’s review of your application. If you are unsure about how to answer any question that may relate to any prior arrest, charge, or conviction you have had (including whether such matters have been sealed), or about the disclosure requirements of other states to which you are applying, you should consult an attorney and/or review your court records prior to answering. Bureau staff cannot provide guidance or advice regarding disclosure of matters that have been sealed.

    Submitted via: N/A

General information

Other Virginia mortgage licenses

• Mortgage Loan Originator License
• Qualified Education Loan Servicer-Federal Contractor
• All 3 Virginia licenses

Sourced from the NMLS/CSBS state licensing record, last updated July 16, 2026. Requirements change — confirm against the state agency before filing. Not legal advice.