West Virginia Mortgage Broker Bond Requirements

If you want to obtain a West Virginia mortgage broker license, you need to get a mortgage broker bond.

The West Virginia Division of Financial Institutions oversees the activities of mortgage brokers in the state. It sets the licensing criteria, but the procedure is handled via the Nationwide Mortgage Licensing System (NMLS) website.

Why Do I Need This Bond?

If you want to operate as a West Virginia mortgage broker, you need a surety bond. It guarantees you will follow all relevant laws, including the West Virginia Safe Mortgage Licensing Act.

The mortgage broker bond works as a safety net for your customers in case you transgress from the law. They can seek fair reimbursement through a bond claim up to the penal sum of your bond.

For further details about the way bonding works, consult our in-depth ‘What is a surety bond’ guide.

Start your surety bond application today! Why us?
  • Quick turnaround - just 1-2 business days
  • Tailor-made advice on building a strong application
  • Exclusive bad credit programs

Have more questions? You can speak with our bonding experts by calling us at 866.450.3412.

What Is the West Virginia Mortgage Broker Bond Cost?

Your surety bond cost is a small percentage of the amount required by the Division of Financial Institutions. It is called your bond premium.

The bond amount that you have to post depends on your annual loan origination volume:

  • Up to $3 million - $50,000
  • Between $3 million and $10 million - $75,000
  • More than $10 million - $100,000
  • Table-funded lenders - $150,000

You have to provide the bond in the official form.

Factors Determining Your Bond Premium

The most important factor that influences your premium is your credit score. If your FICO score is above 700, you can get rates as low as 0.75%-1.5% of the required amount.

Your West Virginia mortgage broker bond cost also depends on your:

  • Personal and business finances
  • Fixed and liquid assets
  • Mortgage professional experience

For an estimate of your bond cost by credit score, you can consult the table below.

Mortgage Broker Bond Cost By Credit Score In West Virginia
Loan origination volume Bond Amount Bond Cost By Credit Score
Above 700 650-699 600-649 Below 599
Up to $3 million $50,000 $375-$750 $500-$1,500 $750-$2,000 $1,500-$3,500
Between $3 million and $10 million $75,000 $563-$1,125 $750-$2,250 $1,125-$3,000 $2,250-$5,250
More than $10 million $100,000 $750-$1,500 $1,000-$3,000 $1,500-$4,000 $3,000-$7,000
Table-funded lenders $150,000 $1,125-$2,250 $1,500-$4,500 $2,250-$6,000 $4,500-$10,500

How to Apply For a Bond

Ready to obtain your mortgage broker bond? Click on the banner below to get a free quote. You can then purchase your bond online.

Not ready to apply? Then simply get a free no-obligations quote, so you can see our low prices!

Need more information about the West Virginia mortgage broker bond? You can contact us at 866.450.3412.

About us:
Bryant Surety Bonds, Inc. is a surety bond agency based in Pennsylvania. Licensed in all 50 states and with access to over 20 T-listed, A-Rated bonding companies, we have the contacts, expertise, and top service to provide you with a hassle-free experience, all while offering competitive rates for your surety bond.