The State of West Virginia requires anyone who conducts business as a mortgage lender to be licensed through the West Virginia Division of Financial Institutions (DFI). As part of their licensing requirements, brokers must submit and maintain a surety bond with the DFI. The bond amount varies, and is based on the total dollar amount of mortgage loans originated by the lender:
| Loans Originated | Bond Amount |
|---|---|
| up to $3,000,000 | $100,000 |
| greater than $3,000,000, up to $10,000,000 | $150,000 |
| greater than $10,000,000 | $250,000 |
| if principal acts as a servicer of mortgage loans and has annual mortgage loan originations less than $10,000,000 | $200,000 |
| if principal services mortgage loans and has annual mortgage loan originations greater than $10,000,000 | $250,000 |
Applications for broker licenses are handled by the Nationwide Mortgage Licensing System (NMLS), and additional information can be found on the NMLS website. Licensing fees are $1,350, including the NMLS processing fee. All fees are collected through the NMLS and are not refundable.
Pacific Surety is proud to offer industry low rates and quick turnaround time for quoting of West Virginia Mortgage Broker Bonds. Feel free to complete our simple application to obtain an approval within hours.