Summary

A West Virginia mortgage broker bond is a type of surety bond that is required by the West Virginia Division of Financial Institutions for individuals or companies acting as mortgage brokers in the state. The purpose of the bond is to provide a financial guarantee to the state and consumers that the mortgage broker will adhere to all applicable laws and regulations. To obtain a West Virginia mortgage broker bond, the broker must work with a surety company who will issue the bond on their behalf. The bond amount required by the state varies based on the volume of loans the broker originates, with a minimum bond amount of $50,000. If a consumer suffers financial losses due to the mortgage broker's actions, they can file a claim against the bond. If the claim is found to be valid, the surety company will pay out the amount of the bond to the consumer, up to the bond amount. Having a West Virginia mortgage broker bond is a requirement for all mortgage brokers operating in the state. It serves as a protection for consumers and helps ensure that mortgage brokers are held accountable for their actions.

What is an West Virginia Mortgage Broker Bond? 

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. 

Different parts of a bond:

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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Program:

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West Virginia Mortgage Broker Bond Information and Requirements:

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.