West Virginia Mortgage Loan Originator Bond

West Virginia Mortgage Loan Originator Bond

The Division of Financial Institutions requires a Mortgage Loan Originator Bond (sometimes referred to as a Mortgage Broker/Lender - Mortgage Loan Originator Bond) for licensed brokers and lenders who wish to hire Mortgage Loan Originators (MLO) within the State of West Virginia. 

QUOTE

The Mortgage Loan Originator Bond is provided by Jet Insurance Company to act as a financial assurance to the Division that the MLO will uphold all state regulations while under the employment of the broker or lender. If a violation is committed, funds from the surety bond may be used as a means of restitution for any damaged party. 

What Is the Lowest Price for the Mortgage Loan Originator Bond?

According to the Division, the limit for a Mortgage Loan Originator Bond is determined by your license type and the annual amount of mortgage loans originating within your business. Further details on how to work out your required bond limit and Jet’s preferred tier rates for each license type can be found in the price charts below. 

At Jet, the cost of a surety is a small fraction of the limit and is based on a soft credit check of the applicant. For instance, if you qualify for a $50,000 Mortgage Broker-Mortgage Loan Originator Bond, rates start at $188 for a one-year term or a convenient payment of $19 a month. 

Total Annual Mortgage Loans OriginatedBond LimitMonthly1-Year
Up to $3 million$50,000$19$188
$3 to $10 million$75,000$28$281
More than $10 million$100,000$38$375
Broker also acts as table-funded lender$150,000$56$563
WV Mortgage Broker-Mortgage Loan Originator Bond Pricing

Total Annual Mortgage Loans OriginatedBond LimitMonthly1-Year
Up to $3 million$100,000$38$375
$3 to $10 million$150,000$56$563
Lender acts as a servicer & has annual mortgage loan originations less than $10 million$200,000$75$750
Lender acts as a servicer & has annual mortgage loan originations more than $10 million$250,000$94$938
WV Mortgage Lender-Mortgage Loan Originator Bond Pricing

West Virginia Mortgage Broker-Mortgage Loan Originator Bond and Mortgage Lender-Mortgage Loan Originator Bond Details

The West Virginia Division of Financial Institutions utilizes the Nationwide Multistate Licensing System and Registry (NMLS) for the administration of mortgage broker, mortgage lender, and mortgage loan originator licenses, as well as the filing of surety bonds. So once you purchase one of the Mortgage Loan Originator Bonds with Jet, it must then be filed with the NMLS. 

Jet can handle filing your bond for you! We simply need you to grant us permission to act as your designated surety company with the NMLS (Jet Insurance Company NAIC #16379). If you are unsure how to do this, the NMLS breaks it down within the Electronic Surety Bond for Licensees webpage.

If you are in need of further details on the mortgage industry, licensure processes in multiple states, and applicable surety bond regulations, take a look at Jet’s comprehensive Mortgage License Bonds Guide.

How to Renew My Bond

For annually-purchased bonds, see Jet’s process to renew your bond. Hint- it’s simple.

How to Cancel My Bond

See the details surrounding cancelling your bond (a 30-day cancellation period is required).

Bond Claim Process

Mortgage professionals need to be aware of what causes a claim and what happens after a claim is made.

West Virginia Mortgage Broker - Mortgage Loan Originator Bond Form

Notary Bond Application:

X

Business Information:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Employee Dishonesty Bond Application:

Business Information:

Business Description:

Coverage Requirements:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Contract Bond Application:

X

Business Information:

Owner Information:

Job Details:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Worker's Compensation Application:

X

Business Information:

Business Description:

Coverage Requirements

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information: