WV HB4790

Mortgage broker license applicants in West Virginia may now submit compiled or reviewed financial statements to demonstrate the required $10,000 minimum tangible net worth, in addition to the previously required audited financial statements

Mortgage lender applicants must still provide audited financial statements showing at least $250,000 in tangible net worth

The bill amends §31-17-4 of the West Virginia Code governing the Residential Mortgage Lender, Broker and Servicer Act

Surety bond requirements remain unchanged, ranging from $50,000 to $100,000 for brokers and $100,000 to $250,000 for lenders based on annual loan origination volume