The West Virginia Mortgage Broker/ Loan Originator Surety Bond is required by the State of West Virginia Division of Financial Institutions.
The West Virginia Mortgage Broker/ Mortgage Loan Originator Surety Bond protects consumers seeking mortgage loans and ensures that the mortgage lending industry is operating in compliance with the West Virginia Safe Mortgage Licensing Act, West Virginia Code Chapter 31 Article 17A and without unfair, deceptive, or fraudulent practices. Since 2003 Surety1.com has been the place to go for all your mortgage industry bonds. Surety1 is licensed in all 50 states, offers and easy to use, online application and is Rated A+ by the BBB.
The West Virginia Mortgage Broker/ Mortgage Loan Originator Surety Bond amount is determined by the annual mortgage loan amount originated:
- An annual mortgage loan origination up to $3 million requires a $50,000 bond.
- An annual mortgage loan origination between $3 million and $10 million requires a $75,000 bond.
- An annual mortgage loan origination greater than $10 million requires a $100,000 bond.
- A $150,000 bond is required if the principal also acts a table-funded lender.
The price for the bond, also known as the bond premium, is only a small fraction of the bond amount. The applicant should verify the bond amount with the obligee before applying for the bond to ensure the bond amount is correct.
Licensing Fees and Requirements:
- Surety bond
- Registration through NMLS
- Net worth of at least $10,000
- $450 licensing fee
All licensing fees are required by the obligee, not the surety company.
CLICK HERE for additional licensing information from the West Virginia Division of Financial Institutions
APPLY for this bond and get a free quote here