West Virgina has revamped their Surety Bond law with H 4285.  Any person not subject to the existing Mortgage laws for licensing requirements, must now obtain surety credit.  Mortgage Broker’s or Mortgage lenders  must now provide surety bonds for their loan originators.

Other requirements

Loan originators must also complete a back ground check and furnish it to the Nationwide Mortgage Licensing system.

Loan originators must also complete a minimum of 20 approved education hours.

Courses must be taken to meet the following standards:

(1) Three hours of federal law and regulations

(2) Three hours of ethics, which shall include instruction on fraud, consumer protection and fair lending issues

(3) Two hours of training related to lending standards for the nontraditional mortgage product marketplace

(4) Two hours of training related to West Virginia mortgage and consumer laws or issues.

(5) Ten hours of state approved nonspecific training.

For more information about the loan originator Surety bond follow our blog