net branch » Opportunity » Virginia
Mortgage Net Branch Virginia
Virginia is the only state that requires an annual report rather than a renewal application. If you are considering or have taken advantage of a mortgage net branch opportunity in Virginia, knowing this will help you keep track of your company's financial affairs so that when the time comes to submit the annual report all the information will be there.
As of this writing, your mortgage broker license is not renewed in Virginia.
This does not mean that you are only licensed as a mortgage broker for one year then you can never be licensed again. What it means is that you must submit an annual report rather than an application for license renewal.
You don't want to waste time at the end of the year compiling the figures for and preparing the annual report - hire a professional book keeper or CPA to handle that for you. Why? That time can be better spent working on current loan originations or soliciting loan originations.
Because you are not required to maintain a physical office in Virginia in order to become licensed as a mortgage broker or a mortgage net branch in VA, you don't have to worry about the records being one place and you being another. However, you do need to make sure that they are kept secure.
Keeping track of your financial affairs as you go through the year rather than waiting until the last minute to obtain the information not only helps you stay organized, but also lets you make sure your security features are operating as they should.
If you need assistance with your annual report, you can most likely ask the larger mortgage company with whom you are Virginia net branch affiliate.