How Much Does a Mortgage Broker, Lender or Loan Originator Bond Cost in West Virginia?
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What Does a Mortgage Broker, Lender or Loan Originator Bond Protect Against?
The Mortgage Lender or Loan Originator Bond ensures that the bonded party complies with the provisions of the Act and of all rules and orders made or issued by the Commissioner of Financial Institutions. The surety bond also secures payment to the State of West Virginia or any individual all moneys that may become due in an action brought by the Commissioner on behalf those aggrieved by the misconduct of the principal.
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Mortgage Brokers must furnish a surety bond in a coverage amount of $50,000, $75,000, $100,000 or $150,000 as determined by the Commissioner. The surety bond coverage amount required for Mortgage lenders or loan originators are as follows; $100,000 if principal has annual mortgage loan originations of up to $3 million, $150,000 if principal has annual mortgage loan originations greater than $3 million up to $10 million, $250,000 if principal has annual mortgage loan originations greater than $10 million, $200,000 if principal acts as a servicer of mortgage loans and has annual mortgage loan originations less than $10 million, or $250,000 if principal services mortgage loans and has annual mortgage loan originations greater than $10 million.