West Virginia Mortgage Broker-Loan Originator License Surety Bond
Any company that originates, brokers, negotiates or arranges mortgages for personal, family or household use that are secured by a mortgage, deed of trust or other equivalent consensual security interest on a dwelling as defined in Section 103(v) of the Truth in Lending Act or residential real estate upon which is constructed or intended to be constructed a dwelling must be licensed as a Mortgage Broker/Loan Originator by the WV Division of Banking. As part of the licensing requirements, the licensee must post and maintain a West Virginia Mortgage Broker/Loan Originator License Surety Bond, in one of the amounts listed below:
- $50,000 if principal has annual mortgage loan originations of up to $3 million
- $75,000 if principal has annual mortgage loan originations greater than $3 million up to $10 million
- $100,000 if principal has annual mortgage loan originations greater than $10 million
- $150,000 if principal also acts a table-funded lender
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