West Virginia Mortgage Broker Surety Bond
In West Virginia, mortgage brokers are required to obtain a surety bond in the amount as determined by the volume of mortgage loans originated in West Virginia in a single year, according to the table below:
| Loan Origination Volume | Bond Amount Required | Annual Premium |
| $0- $3,000,000 | $50,000 | $300 |
| $3,000,001- $10,000,000 | $75,000 | $450 |
| $10,000,001+ | $100,000 | $600 |
| If the broker acts as a table-funded lender | $150,000 | $900 |
Overview
West Virginia mortgage brokers are required to obtain a mortgage broker bond with a bond amount ranging from $50,000 to $100,00 as part of their licensing process. The specific bond amount within this range is determined based on factors like the mortgage brokers' loan volume and financial status. The NNA has secured a $6 rate per $1,000 of liability for all West Virginia mortgage brokers without a credit check.