West Virginia Mortgage Lender Surety Bond
In West Virginia, mortgage lenders 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 | $100,000 | $600 |
| $3,000,001- $10,000,000 | $150,000 | $900 |
| $10,000,001+ | $250,000 | $1,500 |
| Lenders who also service mortgage loans | $200,000 | $1,200 |
Overview
The West Virginia Division of Financial Institutions requires mortgage lenders to get a mortgage lender bond with a bond amount ranging from $100,000 to $250,000 as part of the licensing process. The specific bond amount within this range is determined by factors like the mortgage lender's loan volume and financial status. The NNA has secured a $6 premium per $1,000 liability for all West Virginia Mortgage Lenders without a credit check.