West Virginia SB582 modifies mortgage lender and broker licensing requirements, including financial statements, bonds, and fees.

West Virginia SB582 revises the requirements for obtaining a mortgage lender or broker license. Applicants must submit fingerprints, financial statements, and surety bonds through the Nationwide Multistate Licensing System and Registry. The bill allows alternative financial statements for brokers to demonstrate net worth. It also sets specific bond amounts and fees, varying by loan origination volume. Nonprofit entities may receive fee waivers. The bill mandates annual fees for each residential mortgage loan originated, made, or brokered.

West Virginia SB582 modifies mortgage lender and broker licensing requirements, including financial statements, bonds, and fees.

West Virginia SB582 revises the requirements for obtaining a mortgage lender or broker license. Applicants must submit fingerprints, financial statements, and surety bonds through the Nationwide Multistate Licensing System and Registry. The bill allows alternative financial statements for brokers to demonstrate net worth. It also sets specific bond amounts and fees, varying by loan origination volume. Nonprofit entities may receive fee waivers. The bill mandates annual fees for each residential mortgage loan originated, made, or brokered.