Relating to requirements for licensure as mortgage lender or broker

Summary

The bill revises the state’s mortgage licensing rules, requiring lenders and brokers to submit fingerprints, credit reports, and detailed financial statements through the Nationwide Multistate Licensing System (NMLS). It sets minimum tangible net‑worth levels, scales surety bond amounts to loan‑origination volume, imposes annual per‑loan fees, and allows fee waivers for qualifying nonprofit housing providers. The changes aim to increase consumer protection and ensure out‑of‑state entities are subject to West Virginia jurisdiction.

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