Virginia has explicitly exempted third-party loan processors and underwriters from mortgage broker licensure requirements. Effective January 28, 2013, anyone who receives, collects, distributes, or analyzes information common for the processing or underwriting of a residential mortgage loan is exempt.
Additionally, communicating with a consumer to obtain information necessary for the processing and underwriting of a mortgage loan does not require licensure. A license is still required, however, when communicating with a consumer about a mortgage loan before the consumer submits a loan application, taking an application for or offering or negotiating the terms of a mortgage loan, or counseling consumers about mortgage loan terms.
The amendments also explicitly allow for a licensed broker or lender to outsource loan processing or underwriting activities to a third party under a written agreement, provided certain requirements are met.