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How Much Does a West Virginia Mortgage Broker or Lender License Bond Cost?
A mortgage broker license bond in West Virginia costs between $500 and $15,000. A mortgage lender license costs between $1,000 and $25,000. These costs are based on the requirement of a bond up to $150,000 for a mortgage broker and $250,000 for a mortgage lender.
As an authorized West Virginia surety company, we are your source for mortgage broker and lender license bonds. Rather than paying the bond’s full amount, you will receive a premium rate of 1% to 10% of the bond amount.
When you apply for your new bond, several factors will be reviewed to determine your bond rate. These are your professional resume, fixed and liquid assets, and credit scores. We work with most credit scores and bond more than 99% of applicants.
A 1% to 3% premium rate is offered to applicants with a 700 or higher credit score. A 3% to 5% rate is available to those with a 600 to 699 credit score. Applicants with a lower credit score qualify for a 5% to 10% rate.
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Surety Bond Cost Based on Credit Score |
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Surety Bond Name |
Surety Bond Amount |
Over 700 |
Between 600 - 699 |
Below 599 |
|
West Virginia Mortgage Lender License Bond (originations up to $3 million) |
$100,000 |
$1,000 - $3,000 |
$3,000 - $5,000 |
$5,000 - $10,000 |
|
West Virginia Mortgage Lender License Bond (originations greater than $3 million up to $10 million) |
$150,000 |
$1,500 - $4,500 |
$4,500 - $7,500 |
$7,500 - $15,000 |
|
West Virginia Mortgage Lender License Bond (originations greater than $10 million) |
$250,000 |
$2,500 - $7,500 |
$7,500 - $12,500 |
$12,500 - $25,000 |
|
West Virginia Mortgage Servicer and Lender License Bond (originations less than $10 million) |
$200,000 |
$2,000 - $6,000 |
$6,000 - $10,000 |
$10,000 - $20,000 |
|
West Virginia Mortgage Servicer and Lender License Bond (originations greater than $10 million) |
$250,000 |
$2,500 - $7,500 |
$7,500 - $12,500 |
$12,500 - $25,000 |
|
West Virginia Mortgage Broker License Bond (originations up to $3 million) |
$50,000 |
$500 - $1,500 |
$1,500 - $2,500 |
$2,500 - $5,000 |
|
West Virginia Mortgage Broker License Bond (originations greater than $3 million up to $10 million) |
$75,000 |
$750 - $2,250 |
$2,250 - $3,750 |
$3,750 - $7,500 |
|
West Virginia Mortgage Broker License Bond (originations greater than $10 million) |
$100,000 |
$1,000 - $3,000 |
$3,000 - $5,000 |
$5,000 - $10,000 |
|
West Virginia Mortgage Broker License Bond (when the principal also acts as a table-funded lender) |
$150,000 |
$1,500 - $4,500 |
$4,500 - $7,500 |
$7,500 - $15,000 |
How to Get a West Virginia Mortgage Broker or Lender License Bond
1. Apply for Your New Surety Bond Online
Buying a mortgage broker or lender license bond in West Virginia is a straightforward process that begins when you fill out the online application. We are available to answer your questions as you complete the bond application.
Jesse had plans to open a mortgage broker office, and he contacted us for the state-required bond. He got a quote immediately after applying and reached out to our bond experts with a few questions. With our online payment portal, Jesse easily completed his purchase and got the required bond.
2. Review Your Bond Quote
When you apply for your mortgage broker or lender license bond online with us, you will benefit from an instant bond quote. Some applications are complex and require more in-depth review. In these situations, a quote is provided in 48 hours or less.
3. Pay Your Bond Premium Online
To set up your new West Virginia surety bond, the last step is to pay the premium online. Your bond will then be prepared quickly and emailed to you. If you need a mailed copy of the bond, please let us know.
If you have questions or run into a challenge getting your surety bond, we are happy to help. For assistance, please contact us or call us at (877) 514-5146.
Mortgage Broker or Lender License Bond Requirements in West Virginia
The West Virginia Division of Financial Institutions is the authority on mortgage broker and lender licensing. To meet the licensing requirements, a broker bond of $50,000 to $150,000 is needed. A lender must have a bond in the amount of $100,000 to $250,000.
Applicants for new licenses and renewals are processed by the NMLS, or the Nationwide Multistate Licensing System. The NMLS requires applicants to upload an electronic surety bond.
To maintain your license to do business in West Virginia, the surety bond’s premium must be paid annually. We contact our customers each year prior to the premium due date with renewal instructions to assist with bond maintenance.
If you need more information about how to get a mortgage broker license, we can help. You can also learn more by contacting the West Virginia Division of Financial Institutions at (304) 558-2294.
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What Our Clients Have To Say?
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
