West Virginia Mortgage Broker Bonds are required by West Virginia’s Board of Banking and Financial Institutions to obtain your Mortgage Broker license. The West Virginia Mortgage Broker Bond amount is set at $100,000. The Mortgage Broker license is required of any entity which for a fee, commission or other consideration, negotiates, arranges, originates or processes any West Virginia mortgage loan. Entities engaging in table funding activity must also obtain the Mortgage Broker license.
The State requires a Mortgage Broker bond for :
A surety bond in this state costs
a $100,000 starting price to a $250,000 surety bond depending on how much loan
money is involved. Every year renewal is required as well.
There are 3 parts to a Mortgage broker surety bond. The Principal "YOU", The Surety Company, and the Obligee. The Principal is the business or individual applying for the Mortgage Broker Surety Bond. The Obligee is the individual or entity requiring the Surety Bond and the Surety Company is the company who provides the Surety Bond coverage.
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A surety bond in this state costs a $100,000 starting price to a $250,000 surety bond depending on how much loan money is involved. Every year renewal is required as well.