West Virginia Mortgage Broker, Lender, or Originator Bond
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How much does a West Virginia mortgage broker, lender, or originator bond cost?
West Virginia mortgage broker, lender, or originator bond costs start at $500 annually. Your personal premium will be provided after a quick application review based on your West Virginia mortgage license type and annual loan volume.
How do I get a mortgage broker, lender, or originator bond in West Virginia?
You can apply for your West Virginia mortgage broker, lender, or originator bond online 24/7. Select the bond amount required for your license type and provide the following information for Division of Financial Institutions and NMLS filing approval.
- broker/lender/originator name
- address
- NMLS ID license number
Once your order has been processed, SuretyBonds.com will file your West Virginia mortgage bond directly with the NMLS.
How fast can I get a mortgage loan license bond?
Our industry-leading technology and responsive customer service team allows us to file your official West Virginia mortgage broker, lender, or originator bond directly with the NMLS faster than any other surety company. Orders placed by 4 PM CST Monday-Friday are typically processed and filed same-day.
If you have questions about West Virginia mortgage license bonds or your application, call 1(800)308-4358 to speak with a friendly surety expert. We're here to guide you through the mortgage bond process so you can get back to running your business.
What is a West Virginia mortgage broker, lender, or originator bond?
West Virginia Code Section 31-17-4 requires mortgage brokers, lenders, and loan originators file a bond with the NMLS during the licensing application process. By filing this bond, the mortgage professional agrees to comply with West Virginia financial regulation. The bond is financial protection for consumers if they face damages as a result of a bonded mortgage broker or lender's noncompliance and/or misconduct. The state's official bond forms are titled the “SURETY BOND West Virginia Mortgage Broker” and “SURETY BOND West Virginia Mortgage Lender” but are more commonly known as the “West Virginia mortgage broker, lender, originator bond.” Although the bond forms are separate for lenders and brokers, they're both filed electronically with the NMLS.
What is my West Virginia mortgage loan lender bond amount?
Your required West Virginia mortgage lender bond amount is based on your prior year activity.
- Annual Mortgage Loans up to $3 million: $100,000 bond amount
- Annual Mortgage Loans $3 million to $10 million: $150,000 bond amount
- Servicer with Annual Mortgage Loans up to $10 million: $200,000 bond amount
- Servicer with Annual Mortgage Loans more than $10 million: $250,000 bond amount
What is my West Virginia mortgage loan broker or originator bond amount?
Your required West Virginia mortgage broker or originator bond amount is based on your prior year activity.
- Annual Mortgage Loans up to $3 million: $50,000 bond amount
- Annual Mortgage Loans $3 million to $10 million: $75,000 bond amount
- Annual Mortgage Loans more than $10 million: $100,000 bond amount
- Table-Funded Lender: $150,000 bond amount
Who regulates licensing for mortgage professionals in West Virginia?
The West Virginia Division of Financial Institutions enforces licensing requirements for mortgage professionals who provide financial services in the state. You can contact the Division by calling 1(304)558-2294.
The West Virginia Division of Financial Institutions requires this bond for state mortgage licensing compliance. If you work as a mortgage professional in other states, we also offer mortgage industry license bonds nationwide.
How do West Virginia mortgage loan professionals file your bond?
SuretyBonds.com will electronically file your bond with the Nationwide Multistate Licensing System (NMLS). As the surety experts, we'll work with you and NMLS to be sure your bond is filed quickly and accurately to meet all West Virginia state licensing requirements. Your emailed surety bond copy is for reference only and won't need to be filed with the NMLS.
How do I update or change my mortgage loan license bond form?
If the West Virginia Division of Financial Institutions requires your bond form to be updated for any reason, contact your surety company. If you purchased your bond from SuretyBonds.com, email [email protected] to explain the needed change. The most common change requested is updating the mortgage professional's name or address to match their electronic NMLS license filing.
How do I renew my mortgage broker, lender, or originator bond?
You must renew your West Virginia mortgage broker, lender, or originator bond before its current term expires. Once you pay your SuretyBonds.com renewal invoice, instructions will be provided to keep your bond active for your next NMLS license term.
How do I get my mortgage license in West Virginia?
Complete the steps below through the Nationwide Multistate Licensing System (NMLS) to apply for your West Virginia mortgage lending, broker, or originator license.
- Select and complete the application type you need: mortgage broker license, mortgage lender license, or mortgage loan originator license.
- File your electronic surety bond with the NMLS in the correct required bond amount.
- Pay your NMLS processing fee.
- Complete a criminal background check, which costs $36.25 per person.
- Provide a credit report, which costs $15, if you haven't had one verified with NMLS in the last 30 days (loan originators only).
- Submit all required documentation in NMLS.
How are bond claims handled for mortgage brokers?
If a mortgage broker doesn't follow state legislation and an individual experiences harm as a result, a claim can be filed against the mortgage professional's bond. If the surety company finds the claim to be valid, the harmed individual will be compensated up to the full bond amount. The mortgage company license professional must reimburse the surety company for all claims paid.
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