West Virginia Mortgage Broker License & Mortgage Lender License
West Virginia is one of the few states that requires a separate license for brokering and lending activity, therefore you will be required to hold both licenses if conducting both activities. A net worth requirement is in place for each license. The broker license minimum net worth is $10k , while the lender is much higher at $250k. West Virginia also requires state specific fingerprint cards which can be requested from the state itself. West Virginia requires an onsite QI at the corporate office as well as a licensed WV MLO at each licensed location. While the QI can be a branch manager, their business address must match the main address on the MU1.
| State | License Name | State Fee | Bond Premium Est. | SOS Fee | MLG Processing Fee | Total |
| West Virginia | Mortgage Broker | $470 | $375 | $175 | Call for More Information | $1,020 |
| West Virginia | Mortgage Lender | $1,370 | $750 | $175 | Call for More Information | $2,295 |
License: Mortgage Broker License
- Operating Status: Broker
- Bond Amount: $50,000
- Net Worth: $10,000
- Brick & Mortar: No
- Financial Type: Audited (2 prior years)
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License: Mortgage Lender License
- Operating Status: Lender
- Bond Amount: $100,000
- Net Worth: $250,000
- Brick & Mortar: No
- Financial Type: Audited (2 prior years)
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**Fees & terms are subject to change without notice.**
Obtaining a West Virginia mortgage license requires understanding state-specific requirements for mortgage brokers and mortgage lenders. West Virginia mandates separate licenses for brokering and lending activities, so companies engaging in both must hold both a mortgage broker license and a mortgage lender license.
A critical requirement for all license types is the designation of a Qualified Individual (QI). The QI must be a licensed mortgage loan originator or equivalent and is responsible for overseeing the company’s mortgage operations. This includes ensuring compliance with all applicable federal and state regulations, maintaining proper supervision of loan originators, and upholding ethical and legal standards in the company’s mortgage activities.
Applications for a West Virginia mortgage license are submitted through the Nationwide Multistate Licensing System (NMLS). Companies must provide formation documents, list all control persons, complete fingerprint clearance, and pay the required fees.
West Virginia also requires companies to maintain a surety bond and meet minimum net worth requirements. Mortgage lender licenses have higher bonding and net worth obligations than mortgage broker licenses.
Additional obligations include disclosing the company’s business location and ensuring compliance with state law governing credit service organizations, if applicable.