West Virginia Mortgage Broker Bond |
AmeriPro Surety Bonds | 844-589-9732
Mortgage Brokers – West Virginia
The surety bond required of West Virginia mortgage brokers is also referred to as a mortgage loan originator bond.
The surety bond is a requirement of the state’s Division of Financial Institutions. Your surety bond, once purchased through our agency, is filed electronically through NMLS, the Nationwide Mortgage Licensing System.
Our agency can electronically file your surety bond on your behalf through NMLS.
Amount of Surety Bond Required
The amount of surety bond required will depend on the mortgage loan origination generated in the prior calendar year. The amount and corresponding surety bond are as follows:
- Up to $3 million – $50,000 surety bond;
- From $3 million to $10 million – $75,000 surety bond;
- Greater than $10 million, $100,000 surety bond;
- For mortgage professionals who also act as a table-funded lender, $150,000 surety bond.
Qualifying and the Premium
Qualifying for the West Virginia mortgage loan originator bond is by means of an application — which we can take partly take from you over the phone — but which will require your signature; and, a credit check review by an underwriter.
Good credit will be required to be approved by our agency.
The annual premium breakdown amounts upon approval are as follows:
- $50,000 – $375 premium;
- $75,000 – $563 premium;
- $100,000 – $750 premium;
- $150,000 – $1125 premium.
Once the premium has been paid the bond is issued and our agency will take care of filing it on your behalf through NMLS.
Additional Premium Payment Options
You also have the option to prepay your mortgage broker surety bond premium for up to 3 years, which saves you over annual renewals. Your should bear in mind, however, that upon renewal of your license, you may require a different surety bond amount.
That having been stated, as an example, the $150,000 surety bond amount will have a premium and savings as follows:
- If prepaid for 2 years, the premium is $2025, a $225 savings;
- If prepaid for 3 years, the premium is $2925, a $450 savings.
Purpose of Your Surety Bond Requirement
Your West Virginia mortgage broker surety bond is a financial guarantee of your compliance with all laws related to your profession. More specifically, the bond guarantees payment of any money owed to the state of West Virginia or any aggrieved consumer that is the result of a suit brought on by the Commissioner.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide mortgage broker, loan originators, and mortgage lender surety bonds nationwide.
Our agency also provides license and permit bonds in all 50 states.
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