Following information is required to obtain a Mortgage Broker License in West Virginia:

• Submit a completed and signed application along with required application fee and other documents to the department.
  
• If the applicant is a foreign corporation, then a certificate from the secretary of state certifying that such applicant is registered with the secretary of state to transact business in this state must be submitted along with application.
  
• The applicant must also submit proof that he or she has available net worth of at least ten thousand dollars for the operation of the business at the location specified in the application.
  
• The applicant must file with the commissioner a bond in favor of the state in the amount of fifty thousand dollars, in such form and with such conditions as the commissioner may prescribe, and executed by a surety company authorized to do business in this state.
  
• The Mortgage Broker license expires on December thirty-first of each year, and such license may be renewed each year. All applications for the renewal of licenses must be filed with the commissioner at least ninety days before the expiration of the license.
  
• There are no specific educational or experience requirements in the West Virginia Mortgage Broker Licensing Code for obtaining a Mortgage Broker License in the state.
  
• Licenses are non-transferable and non-assignable.
  
• Each Mortgage Broker licensee must also obtain loan originator licenses for each loan originator and processor employed by the mortgage broker.
  
• Applicants applying for a broker license should provide a copy of the West Virginia Credit Service Organization Registration Statement as filed with the West Virginia Secretary of State. If the applicant is exempt from registration, a specific statutory reason for such exemption must be provided.
  
• Unless exempted by the Broker Licensing Law, two completed FBI fingerprint card(s) for each principal of applicant must be submitted.
  
• Enclose the latest financial statements, including both a detailed balance sheet and income statement, of Applicant prepared according to generally accepted accounting principles.

For more information, visit WVSOS - Business Organizations - Credit Service Organizations. Details and application forms for the new mortgage broker and lender license are available online at the Division of Banking.

Visit WVSOS - Business Organizations - West Virginia Code on Voluntary Associations & Business Trusts for the provisions of the broker licensing law.