West Virginia Mortgage Broker License Guide
In West Virginia, anyone engaged in the mortgage brokerage and mortgage lending business is required to obtain a license. The West Virginia Division of Financial Institutions regulates and issues all mortgage licenses.
The Nationwide Mortgage Licensing System (NMLS) handles the mortgage license application process. NMLS allows mortgage companies and individuals to apply or renew a license online.
Types of Mortgage Licenses in West Virginia
The state of West Virginia has three major state license types: Company, Branch, and Individual. Each license type depends on the work you are going to perform.
In this guide, we’ll cover the most common licenses only. You can review the full list on the NMLS website.
Most Common Company Licenses
- Mortgage Broker License - allows entities to originate, process, arrange, and negotiate mortgage loans for West Virginia properties. Note that entities that engage in table funding activities are also required to obtain this license.
- Mortgage Lender License - allows entities to make, purchase, accept, and service West Virginia mortgage loans.
West Virginia State Requirements
All license applications are to be submitted online via NMLS. Please note that some agency-specific documents, such as the surety bond, need to be received by the Division within five days of the submission of your NMLS application. Please mail your documentation to WV Division of Financial Institutions, Mortgage Division, 900 Pennsylvania Ave., Suite 306, Charleston, WV 25302-3542.
For further information regarding the license requirements, you may contact the Division at (304) 558-2294 or send an email to Lisa Miller at lm[email protected] , Terri Shock at [email protected] , or Tracy Hudson at [email protected].
For NMLS-related questions, please contact their call center at (855) 665-7123.
Education and Exams
Passing an exam is obligatory for some, but not all license types. In West Virginia, you don’t need to complete a pre-license course or pass a test in order to obtain a Mortgage Broker or a Mortgage Lender license.
WV Mortgage Broker Bonds
Bonds for Company Licenses
- Mortgage Broker License - All Mortgage Broker applicants are required to provide a surety bond between $50,000 - $150,000, depending on the volume of loans originated in the state in one year.
- $50,000 surety bond for loan volume of up to $3,000,000.
- $75,000 surety bond for loan volume between $3,000,000 - $10,000,000.
- $100,000 surety bond for loan volume that exceeds $10,000,000.
- $150,000 surety bond if the applicant also acts as a table-funded lender.
- Mortgage Lender License - Mortgage Lender applicants must furnish a surety bond in an amount based on the mortgage loan origination volume for 1 year.
- $100,000 surety bond for loan volume of up to $3,000,000.
- $150,000 surety bond for loan volume between $3,000,000 - $10,000,000.
- $250,000 surety bond for loan volume that exceeds $10,000,000.
- $200,000 surety bond if the applicants act as a mortgage loan servicer and have loan origination volume of up to $10,000,000.
- $250,000 surety bond if the applicants act as a mortgage loan servicer and have loan origination volume of over $10,000,000.
Fees for Company Licenses
The fees must be submitted through NMLS and are not refundable.
- Mortgage Broker License
- $350 license fee.
- $100 NMLS processing fee.
- $ 36.2 5 FBI background check.
- Mortgage Lender License
- $1,250 license fee.
- $100 NMLS processing fee.
- $36.25 FBI background check.