West Virginia Mortgage Broker Surety Bond
West Virginia Mortgage Brokers, Mortgage Dealers and Mortgage Lenders are required to obtain a West Virginia Surety Bond as a condition of licensure. Prerequisites for licensure include a minimum net worth of $10,000, the ability to pass a criminal background and credit check, and passage of pre-license education testing.
Surety Bond and License Requirements:
- Applicants must complete the application through the National Mortgage Licensing System (NMLS) and pay the applicable license and NMLS processing fees. An additional fee for a credit background and criminal check is required made payable directly to West Virginia Department of Financial Institutions.
- Provide copies of financial statements including a Balance Sheet, Income Statement, and Statement of Cash Flows, along with any relevant notes (if available, also submit the previous two fiscal year statements). If the company is initiating a start up business, submit an initial Statement of Condition.
- Obtain a minimum $50,000 surety bond. Bond amounts range from a minimum of $50,000 to $150,000 based on loan origination volume written in one year.
- Applicants that will be using a trade or dba name must first file the name with the West Virginia Secretary of State and the Division of Financial Institutions.
- Provide the name of the manager who will be present when business is conducted with consumers.
- If the applicant is a partnership, corporation or limited liability company, provide a certified copy of formation documents and obtain a Certificate of Authorization or Certificate of Good Standing from the West Virginia Secretary of State.
- Obtain a Credit Service Organization certificate from the West Virginia Secretary of State. If exempt, provide an explanation for the exemption.
- Obtain a Business Registration from the West Virginia Department of Revenue.
- Submit two sets of fingerprint cards for each principal. The cards must be completed on both the front and back sides. The cards and return mailing information can be obtained from firstname.lastname@example.org.
- If mortgage loan originators will be employed, complete the Mortgage Loan Originator License application. Otherwise, state the reason in the notes section as why the application is not required.
- Complete the Certificate of Compliance by Executive Director.
How Much Will a West Virginia Mortgage Broker Bond Cost?
The premium that you pay for a West Virginia Mortgage Broker Dealer License Surety Bond is dependent on credit and the bond amount required. Bond amounts over $50,000 will require business and/or personal financial statements.
More Surety Bond Questions?
Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
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