The West Virginia mortgage
licensing and regulation Division of Banking in Charleston oversees all aspects of the
Mortgage Broker business for those wanting a Mortgage Broker career in West Virginia.
All West Virginia mortgage licenses are handled through the National Mortgage Licensing System.
Prelicensing requirements include approved courses that are 20 or more hours and contain 3
hours of Federal Law, 3 hours of Ethics, 2 hours of Non-traditional Mortgage Lending plus
12 or more hours of electives. This may be in addition to West Virginia-required content.
A minimum of eight hours per year of continuing
education is required nationally per year, per the SAFE act.
The licensing fee for NMLS for Loan
Originators is $119. The licensing fee for a mortgage
broker is $450. Click on the links in the preceding sentences for more details about
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.
Although Mortgage Brokers doing business in West Virginia do have an affiliate association
with the National Association of Mortgage Brokers
(NAMB), 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.