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Obtaining a mortgage license and becoming a West Virginia loan officer is very simple, but it’s not for everyone. It takes a willingness to learn the basic ins and outs of the industry as well as a desire to work hard. The mortgage industry is a great one to get into and it provides a lot of flexibility. If you like to work hard, you are a people person, and you have a desire to learn, becoming a mortgage loan officer is the perfect choice for you.
How to Get an NMLS Mortgage License in West Virginia
1. Fulfill all state and federal education requirements as designated by your state agency. (20+4 Hr WV)
2. Schedule, study for and pass your national mortgage exam.
3. Apply for the MLO License: Complete and submit your MU4 through the NMLS including, paying the licensing fee, completing a criminal background check and an authorized credit report.
West Virginia Frequently Asked Questions
In an effort to curb the predatory lending practices that led to the demise of the housing and residential mortgage industry in 2008, the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE) was enacted. This opened up a world of opportunity to those driven to attain an MLO license and then work hard to match people with loan products.
| Topic | Hours Required |
|---|---|
| Fair Lending, Ethics, Fraud, and Consumer Protection | 3 Hours |
| Federal Laws and Regulations | 3 Hours |
| Non-Standard Lending | 2 Hours |
| Undefined Electives | 10 Hours |
| West Virginia Specific Education | 4 Hours |
| Total 22 Hours | |
Although it hasn't been enacted yet, be on the lookout for the PE Expiration Policy in West Virginia. Is states - If you complete the required 20 hours of education but do not obtain your license for a 3-year period, you'll need to repeat the coursework. The same applies if you let your license lapse for 3+ years before you want to get back into the industry.
A “mortgage broker” refers to an individual or an organization that connects consumers with mortgage loans from a variety of companies. Mortgage brokers frequently employ loan officers. In contrast, a loan officer is an employee who regularly works with borrowers and provides loans that are originated by their employer. Brokers and loan officers need different types of licenses.
Earning your mortgage broker license in West Virginia should be considered an investment well worth your time. Here’s what to expect when it comes to licensing fees in West Virginia:
| NMLS Fees | |
|---|---|
| NMLS Initial Processing Fee | $30 |
| West Virginia License Fee | $200 |
| Credit Report | $15 |
| FBI Criminal Background Check | $36.25 |
| Total License Cost | $281.25 |
On an annual basis, West Virginia MLO license holders must complete 9 total hours of Comprehensive Continuing Education that must cover:
| Topic | Required Hours |
|---|---|
| Federal Regulations and Law | 3 Hours |
| Ethics, including consumer protection, fair lending | 2 Hours |
| Non-Traditional mortgage lending | 2 Hours |
| West Virginia Specific Education | 2 Hour |
Remember to take into account the “successive years” rule, which prohibits loan officers from taking the same CE course two years in a row.
Mortgage Educators changes its continuing education course annually to ensure there are no issues with the successive years rule.
The deadline to complete CE in West Virginia is November 1st. MLO's in West Virginia are actually prevented from applying for license renewal until they have completed their CE.
Mortgage Educators and Compliance is here to answer any additional questions you may have regarding your West Virginia mortgage license. For additional questions, feel free to call us at 801-676-2520 or email us at [email protected].
