West Virginia Mortgage Broker Requirements
Mortgage brokers in the state of West Virginia are licensed and regulated by the West Virginia Division of Banking.
Applicants seeking a West Virginia mortgage broker license are not required to maintain a physical office within the state of West Virginia. Applicants must maintain a surety bond in the amounts of $50,000. If brokers are engaged in Table Funding, then they need to maintain a surety bond in the amount of $100,000.
Applicants must submit financial statements showing a minimum net worth of $10,000. Applicants must also have a FICO score greater than 500 to apply and greater than 575 in order to be approved.
Loan officers need to be licensed in the state of West Virginia.
West Virginia Mortgage Licensing Fees
The West Virginia Division of Banking charges licensing fees for mortgage brokers ($350) and loan originators ($150). Each additional branch office is also charged a $350 licensing fee.
For complete assistance on your West Virginia Mortgage License, call American Mortgage Licensing to start your project today, 469.688.8441.