West Virginia Mortgage Broker Bond

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How Do I Get Bonded?

West Virginia Mortgage Broker Bonds Explained

If you want to operate in West Virginia as a mortgage broker, you have to go through a licensing procedure with state authorities. This entails posting a mortgage broker bond.

Your surety bond functions as a safety net for the state and your customers. It guarantees you will comply with applicable laws and provides a protection mechanism in case you fail to follow the rules.

In essence, a mortgage broker bond is a three-party contract, in which your business is the principal. The obligee is the West Virginia Division of Financial Institutions, which requires you to get bonded. The third entity is the surety, which backs your mortgage brokerage by providing the bond.

Questions about Mortgage Broker Bonds in West Virginia

Who needs to get bonded?

All applicants for a West Virginia mortgage broker license need to provide a surety bond in an appropriate amount. It is set on the basis of your annual mortgage loan origination volume. The purpose of the bond is to ensure you will follow the West Virginia Safe Mortgage Licensing Act, as well as any other relevant laws.

The licensing body is the state Division of Financial Institutions. However, the licensing process is conducted via the Nationwide Multistate Licensing System & Registry. (NMLS).

What is the cost of the bonding?

In order to get licensed, West Virginia mortgage brokers have to post a surety bond between $50,000 and $150,000. You don’t have to cover the whole required amount, but only a fraction of it. It is called the bond premium.

In order to set your exact surety bond cost, your surety has to carefully consider your personal credit score, business finances, and any fixed and liquid assets that you showcase in your application. Through this examination, it can assess how risky it is to get you bonded. You can expect a lower price if your finances are in good shape.

West Virginia Mortgage Broker Bond Cost Based on Credit Score
Annual mortgage loan origination volume Surety bond amount Above 700 Between 650-699 Between 600-649 Below 599
Up to $3million $50,000 $250-$625 $375-$750 $1,000-$2,500 $2,500-$5,000
$3 million - $10 million $75,000 $375-$938 $563-$1,125 $1,500-$3,750 $3,750-$7,500
More than $10 million $100,000 $500-$1,250 $750-$1,500 $2,000-$5,000 $5,000-$10,000
Plus table-funded lender activities $150,000 $750-$1,875 $1,125-$2,250 $3,000-$7,500 $7,500-$15,000

* This table provides a ballpark estimate of potential bond costs. Bond pricing can fluctuate over time due to a number of factors. For exact pricing, please complete an application.

What if my credit is bad?

Lance Surety Bonds operates its Bad Credit Surety Bonds program for applicants facing low credit scores, tax liens, bankruptcies, and civil judgments. If you’re struggling with such problems, this is a good bonding option for you.

Due to the higher bonding risk, the premiums are in the range 5% to 10%. We partner with a number of A-rated, T-listed surety companies, so we can still shop around for the best rate for you.

How to get bonded?

You can launch your application process by filling out our online application form (it takes 5min). When we have your full documentation, we can send you an exact quote. If you’re happy with it, you can purchase your bond online.


Want to delve into the intricacies of how bonding works? You can consult our in-depth How to Get Bonded guide.

Have more questions, or need assistance with your application? You can contact us at (877) 514-5146.

How are bond claims handled for mortgage brokers?

You can receive a claim against your surety bond if you fail to follow state laws. A harmed party can thus seek fair reimbursement for suffered damages. The maximum penalty is the bond amount you’ve posted, which is between $50,000 and $150,000 for West Virginia mortgage brokers.

In case the claim is proven, you have to pay the claimant. The surety that bonded you may at first cover the costs, but you have to fully repay it afterwards. This means that bond claims are to be avoided, as they can cause serious financial and reputational harm to your business.

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About Us

Lance Surety Bonds
Lance Surety Bond Associates, Inc. is a Pennsylvania-based surety bond agency that offers bonding at competitive rates in all 50 states. Established in 2010, our company has grown to become one of the top online bond producers in the country. Working exclusively with A-rated and T-listed bonding companies gives us the confidence to offer a 100% money-back guarantee. read more

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What Our Clients Have To Say?

  • Kimberlee Ables
    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!
  • Andrew Poincot
    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!
  • Margie Martinez
    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!

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