
	Saturday May 17, 2008

24,327 Active Members Register

Welcome, Guest Sign In

Home

Latest Headlines

Popular Stories

Bookmark Us

Reader Comments

SUBSCRIBE

SEARCH OUR SITE

Find Mortgage License Information For Other States


30 Yr Fix	6.01%	-0.04%
15 Yr Fix	5.60%	0.00%
1 Yr ARM	5.18%	-0.11%
5/1 ARM	5.57%	-0.10%
30 Yr Tres	4.58%	-0.06%
Fed Prime	5.00%	-0.25%
Mortgage Rates \| Blog

Mortgage Broker News Alerts
Stay up to date on breaking news with our free News Alert Service.

Become A Mortgage Broker In West Virginia

Article Summary: This article will help anyone looking for information pertaining to a mortgage license in the state of West Virginia or anyone looking to become a mortgage broker in West Virginia.

The West Virginia Division of Banking in Charleston oversees all aspects of the Mortgage Broker business for those wanting a Mortgage Broker career in West Virginia. The contact site for the state is: www.wvdob.org/professionals/n_mortgage.htm. Before submitting a Mortgage Broker License application, all companies need to register their business at www.business4wv.com. This site provides excellent resources for those who want to become a Mortgage Broker in West Virginia.

The Mortgage Broker license fee in West Virginia for the main office is $350. All branch offices also need to be licensed and the license fee for each of these is $350. Applicants must also provide approved fingerprints with their application; the processing fee for these is $44. A criminal background check will be made as part of the application process.

One of the main requirements for a Mortgage Broker applicant is having and maintaining a minimum standard FICO score of 575. This cuts off approximately the bottom 10% of the population. Those with scores below 500 will not be considered, and those with scores between 500 and 575 will be given the opportunity to justify their low score.

Applicants for a Mortgage Broker License in West Virginia are required to furnish financial statements that demonstrate the statutory minimum net worth of $10,000. This minimum level must also be maintained while licensed. In addition, those desiring to become a Mortgage Broker must provide a Surety Bond in the amount of $50,000. If the applicant will be engaged in any Table Funding activity, the Surety Bond is $100,000.

A current 10-year listing of all employment and work experience must be attached to the application, along with all residence addresses for the prior 10 years. Full details of the Mortgage Broker application are at http://www.wvdob.org/professionals/docs/WVMORTGAGEAPPLICATION.doc

Although Mortgage Brokers doing business in West Virginia do have an affiliate association with the National Association of Mortgage Brokers (NAMB), www.namb.org, the West Virginia affiliates do not maintain a separate web site. Those wanting to become a Mortgage Broker in West Virginia will benefit by contacting the NAMB.

We also offer information and resources for West Virginia Commercial Mortgage.

Permalink

Join the West Virginia Mortgage Refinance Directory
Get listed in the largest West Virginia mortgage and real estate directory online! Gain exposure to thousands of potential borrowers monthly – Free sign up, join today!

QuickLink To This Information

URL TO THIS PAGE

ADD A LINK TO THIS PAGE TO YOUR WEBSITE

Your link should look like this:
West Virginia Mortgage Broker License Information

Home - Contact - Sitemap - Disclaimer - Privacy Statement - Advertising

All Content Copyright © 2003 - 2008 Brown House Media, Inc. All Rights Reserved.
Reproduction in whole or in part in any form without the express written permission of MortgageNewsDaily.com is prohibited.