Does the state require a physical location within the state?
No.

Is there individual loan officer licensing?
Yes. A company applying for or holding both a lender and broker license must license its individual loan originators if the company brokers a majority of its residential mortgage loans (based on the most recent annual report filed with the Division of Banking). A new applicant applying for both a lender license and a broker license must license its originators unless the applicant can demonstrate, through data compiled for other state regulators, that it acts as a lender for a majority of its mortgage loans.

What are lenders, brokers and loan officers called?
West Virginia uses the terms mortgage lender, mortgage broker and loan originator.

What is the cost of a license? Surety bond? Are there net worth requirements?
On March 7, 2007, the state of West Virginia enacted HB 2776 of 2007, an act that repealed and reestablished West Virginia's Residential Mortgage Lender, Broker and Servicer Act. An applicant for a mortgage broker and/or lender license must submit a completed application accompanied by evidence of net assets of at least $250,000 for a lender and $10,000 for a broker, a surety bond in the amount of $100,000 for lenders and brokers engaged in table funding or $50,000 for regular brokers and a license fee of $1,250 for a lender and/or $350 for a broker. The applicant must also submit the actual cost of fingerprint processing and proof that it is a business in good standing in its state of incorporation or registration and a disclosure of any litigation or unresolved complaint filed by a governmental authority for a lender and a broker. Licenses expire on December 31 of each year. All license renewal applications must be filed at least 90 days prior to expiration.

Loan originator license applicants must submit an application along with a nonrefundable license fee of $150 and background investigation fee of $44. Loan originator licenses are good for five-year renewal periods.

Is there a pre-licensing education requirement? Is there a test?
No.

Is there a CE requirement?
Yes, for originator licensees. When a broker licensee renews its license it must certify that every loan originator employed by that broker has completed seven hours of continuing education related to the laws and regulations applicable to residential mortgage loans during the prior year.

Are there different requirements for mortgage brokers and mortgage lenders (i.e. can you broker under a lender license)?
West Virginia issues both lender and broker licenses. A company may hold both licenses.

Are there any state specific high cost loan provisions?
None.

Are there any state specific predatory lending laws?
None.

Closing practices – attorney or title state? Wet or dry settlement?
West Virginia is treated as a wet funding state by practice. There is no penalty for not delivering funds with closing documents, but closing may be delayed if funds are not delivered.

Are there 2nd mortgage policies and/or restrictions? Do you need a separate license to do 2nd mortgages?
West Virginia's Residential Mortgage Lender, Broker and Servicer Act covers both primary and subordinate mortgage transactions.

Who is the regulator and what is their contact information?
Division of Banking
Building #3, Room 311
State Capitol Complex
1900 Kanawha Blvd., East
Charleston, WV 25305-0240
Phone: (304) 558-2294
Fax: (304) 558-0442
www.wvdob.org


DISCLAIMER: The data contained here is for informational purposes only. It should not be the sole resource for licensing decisions. Please consult the regulator and/or an attorney that specializes in these matters before taking action.


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