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West Virginia Mortgage Broker Bond

The West Virginia mortgage broker bond (aka mortgage loan originator bond) ranges from $50,000 to $150,000. Good credit is required for approval through our agency and premium amounts are less than 1% annually. Please call AmeriPro Surety Bonds today at 844-589-9732.

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.

 

 

 

About Us

 

 

 

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.

Please call our agency today at:

 

844-589-9732

 

Or, you may fill out the form below and an agent will call you…

 

Request a Callback

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AmeriPro Surety Bonds

Our focus is exclusively surety bonds. We have two areas of concentration: YOU, our customer; and providing you with the surety bond that you need. Whether the bond is an "instant issue"; is for a contractor; a court bond; or one for a client with lower credit scores, AmeriPro Surety Bonds dedicates itself to providing our customers with a seamless, professional, and quick surety bond experience.

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