Bill > HB4790

This bill modifies the requirements for obtaining a mortgage lender or broker license in West Virginia by allowing mortgage brokers to submit compiled or reviewed financial statements, in addition to audited ones, to demonstrate their required net worth of at least $10,000, computed according to generally accepted accounting principles. The Nationwide Multistate Licensing System and Registry (NMLS), a national database for mortgage licensing, is a key component of the application process, handling background checks, credit reports, and the submission of surety bonds, which are financial guarantees to protect consumers and the state. The bill also specifies varying bond amounts based on loan origination volume for both lenders and brokers, with higher amounts required for those participating in table-funded residential mortgage loans.

Budget and Finance

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=4790&year=2026&sessiontype=RS&btype=bill