A Virginia applicant for a mortgage lender license shows $140,000 of funds available for the business in 2026. Does that amount satisfy the minimum funds-available requirement for a lender applicant?
Correct Answer
A) Short: a lender applicant shows at least $200,000 available
For a license to act as a mortgage lender the Commission must find that the applicant has funds available for the operation of the business of at least $200,000, alongside the findings about fitness. Other choices: the figure is fixed rather than scaled to volume; $500,000 is not the threshold; and a larger bond is a separate requirement. Source: Va. Code § 6.2-1606(A)(2)
Why This Is the Correct Answer
For a license to act as a mortgage lender the Commission must find that the applicant has funds available for the operation of the business of at least $200,000, alongside the findings about fitness. Other choices: the figure is fixed rather than scaled to volume; $500,000 is not the threshold; and a larger bond is a separate requirement. Source: Va. Code § 6.2-1606(A)(2)
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