Mortgage lenders and brokers must follow new requirements that were set in West Virginia State. The new law is named HB 4285 and authorizes any individual that is not subject to the present legislation’s licensing requirements for mortgage lenders/brokers and who also employ mortgage loan originators to register with the Nationwide Mortgage Licensing System and Registry; they must also acquire a surety bond in the suitable quantity for its mortgage loan originators. HB 4285 authorizes the Commissioner of Banking to decrease or relinquish the surety bond requirements for mortgage loan originators employed by nonprofit business’s, including community housing development organizations, or any municipal, state or federal agency supplying loans to individuals with incomes under the HUD established median income for a specified region.
Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.