West Virginia Mortgage Lenders and Loan Originators are required to obtain a bond as a condition of licensure. Prerequisites for licensure include a minimum net worth of $250,000, the ability to pass a criminal background and credit check, passage of pre-license and continued education testing.
Applicants must complete the license application through the National Mortgage Licensing System (NMLS) and pay the applicable license and NMLS processing fees. An additional fee for a criminal and credit background check is required made payable directly to the West Virginia Department of Financial Institutions.
Provide copies of financial statements, including an Income Statement, Balance Sheet, and Statement of Cash Flows along with any relevant notes (if available also submit the previous two fiscal year statements). If the company is a new entity, submit an initial Statement of Condition.
Obtain the required surety bond from SuretyGroup.com. Surety bond amounts range from a minimum of $100,000 to $250,000 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.
An on-site manager is required for all locations where business is conducted with consumers.
If the applicant is a corporation, partnership or limited liability company, provide a certified copy of formation documents and obtain a Certificate of Good Standing or Certificate of Authorization from the West Virginia Secretary of State.
Obtain a Business Registration Certificate from the West Virginia Department of Revenue.
Complete the Certificate of Compliance by Executive Director form.
Obtain a Credit Service Organization Certificate from the West Virginia Secretary of State. If exempt, provide an explanation for the exemption.
Submit fingerprint cards for each principal (two sets for each person). The cards must be completed on both the front and back sides. The cards and return mailing information can be obtained from email@example.com.
If mortgage loan originators will be employed, complete the Mortgage Loan Originator License application, otherwise explain the reason in the notes section as why the application is not required.
Premium for a West Virginia Mortgage Lender/Mortgage Loan Originator Surety Bond is dependent on credit, the bond amount needed and will require business and/or personal financial statements.
Contact our Surety Bond Specialists:
Hours: 8:00-5:00 CST, Monday through Friday