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West Virginia Mortgage License |
West Virginia mortgage license is essential for each and every individual involved in negotiating, lending, selling or originating mortgage products to home buyers in the state of West Virginia. It is a legal offense to conduct home loan lending or selling business in the state without having the mortgage license. It is very important for the home loan lenders and brokers to have a clear understanding of the WV mortgage licensing requirements in order to make an informed approach. They are required to fulfill some prerequisites set by the licensing division to get their license.
West Virginia Mortgage Broker License Requirements
The West Virginia Division of Banking is responsible for the regulation of mortgage broker and banker license in the state. According to the division, applicants for WV mortgage broker license are not required to have any physical location inside the state. But they should maintain a minimum net worth in amount of $10,000 as a necessary requirement. The applicants are further required to provide a surety bond of $50,000 or $100,000 if they are engaged in table funding. West Virginia has branch office and loan officer licensing requirements. However, no educational or experience requirements are there for the home loan brokers to get their license. Lastly, they will have to pay a licensing fee of $350.
West Virginia Mortgage Licensing For Bankers
It is not mandatory for the mortgage bankers to maintain physical office within the state to get their state license. The applicants should however provide a minimum net worth of $250,000 and maintain a surety bond. A surety bond amount of $100,000 is required for the licensees making loan origination of $0 to $3 million, $150,000 for those originating above $3 million up to $10 million and $250,000 for licensees originating over $10 million. The applicants should pay a state initial licensing fee of $1,250 in order to obtain their license. There is licensing requirements for branch office and loan officer in the state. However, there is no educational or examination requirements for the mortgage bankers.
It is advisable for the applicants to submit their license application with all the essential documents and licensing fees to the West Virginia Division of Banking. They can also join some pre-licensing education courses and training programs offered by a number of mortgage licensing companies and real estate schools. These licensing companies are easily available on the Internet and they offer reliable information on their services.
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