West Virginia Mortgage Licensing
Mortgage Banker
Mortgage Banker License
Physical In-State Office Required: No
Qualifying Individual: No
Minimum Net Worth: $250,000 (Audited)
Surety Bond: $100,000 for licensees with West Virginia annual loan origination’s of $0 to $3 million, $150,000 for West Virginia annual loan origination’s greater than $3 million and up to $10 million, and $250,000 for West Virginia annual loan origination’s over $10 million
Comments: Requires 1 WV LO to get company approved, or explanation of wholesale activity only, Does not allow brokering.
License Cost Breakdown – Estimated fees not including Integrity Mortgage Licensing Service Fee:
$100 – Foreign Entity Fee
$125 – Registered Agent Fee
$1,000 – Surety Bond Fee
$1,350– Company License Fee
Mortgage Broker
Mortgage Broker License
Physical In-State Office Required: No
Qualifying Individual: No
Minimum Net Worth: $10,000
Surety Bond: $50,000 or $100,000 if engaged in tablefunding
Comments: Requires 1 WV LO to get company approved
License Cost Breakdown – Estimated fees not including Integrity Mortgage Licensing Service Fee:
$100 – Foreign Entity Fee
$125 – Registered Agent Fee
$500 – Surety Bond Fee
$450– Company License Fee
Regulated by:
West Virginia Division of Financial Institutions
900 Pennsylvania Ave., Suite 306
Charleston, WV 25302-3542
Telephone: 304-558-2294
Fax: 304-558-0442
Ruth Holt | rholt@wvdob.org | 304-558-2294 ext 214