West Virginia Mortgage Loan Originator License

West Virginia Mortgage Education

EasyRealEstateSchool.com offers these West Virginia mortgage education courses in conjunction with MortgageEducation.com. All the mortgage education courses are NMLS-approved and will satisfy all the required education hours for your state. Should you have any questions please feel free to contact MortgageEducation.com.

West Virginia Mortgage Loan Originator License

Who is required to have this license?

An individual; who for compensation or gain or in the expectation of compensation or gain:

  • Takes a residential mortgage loan application,
  • Offers or negotiates terms or a residential mortgage loan, or.
  • Who is a loan processor or underwriter and is an independent contractor.

Who does not need this license?

  • An individual employed (W-2) solely as a loan processor or underwriter for a licensed mortgage broker or mortgage lender.
  • A person/ entity that only performs real estate brokerage activities and is licensed or registered in accordance with West Virginia law, unless the person or entity is compensated by a lender, a mortgage broker or other mortgage loan originator or by any agent of such lender, mortgage broker or other mortgage loan originator;
  • A person or entity solely involved in extensions of credit relating to timeshare plans;
  • A manufactured or modular home retailer employee who performs purely administrative or clerical tasks and who receives only the customary salary or commission from the employer in connection with the sales transaction.
  • Mortgage Loan Originators registered under the system applicable to federally insured depository institutions.
  • An individual who offers or negotiates terms of a residential mortgage loan with or on behalf of an immediate family member of the individual;
  • An individual who offers or negotiates terms of a residential mortgage loan secured by a dwelling that served as the individual’s own residence; and
  • A licensed attorney who negotiates the terms of a residential mortgage loan on behalf of a client as an ancillary matter to the attorney’s representation of the client, unless the attorney is compensated by a lender, a mortgage broker or other mortgage loan originator or by any agent of such lender, mortgage broker or other mortgage loan originator

Pre-requisites for license applications:

  • Criminal background to be conducted through NMLS
  • Credit Report authorized through NMLS
  • Sufficient financial responsibility, character, and general fitness
  • Sponsorship by current employer
  • Testing – Successful completion of both the National and State testing components prior to application
  • Education – Pre-licensure requirements must be completed prior to submission of application

For more information about the actual course please visit Mortgage Education Course FAQ’s.

West Virginia Mortgage Loan Originator License

 


West Virginia State Requirments

SAFE ACT Requirements

  • SAFE MLO Test – All licensees approved before 7/1/2009 must pass the National Component of the SAFE MLO Test by 10/31/2010. All licensees approved on or after 7/1/2009 must pass the National Component of the SAFE MLO Test no later than 1/31/2010. All licensees must pass the State Component of the SAFE MLO Test by 10/31/2010.
  • Criminal Background Check – All licensees must submit fingerprints through NMLS for a criminal background check by TBD.
  • Credit Report – All licensees must authorize a credit report through NMLS by TBD.

West Virginia Mortgage Education Requirements

  • SAFE Act Pre-License (required courses – SAFE CORE 8 hours) – All new applicants on or after 1/4/2010 must complete 20 hours of NMLS approved pre-licensure education, including 2 hours of WV specific. Existing licensees prior to 7/1/2009 must complete 20 hours of NMLS approved pre-licensure education, including 2 hours of WV specific, by 10/31/2010, unless the licensee has completed at least 20 hours of state approved education prior to 12/31/2009. Licensees approved between 7/1/2009 and 12/31/2009 must complete 20 hours of NMLS approved pre-licensure education, including 2 hours of WV specific by 1/31/2010. State approved courses will no longer be accepted after 12/31/2009.
  • SAFE Act Continuing Education (required courses – SAFE CORE 7 Hours) – All licensees must take 8 hours of NMLS approved continuing education, including 1 hour of WV specific, in 2010 in order to renew for 2011, unless PE was completed in 2010. This course should be taken Yearly by 12/31.

For more information about the actual course please visit Mortgage Education Course FAQ’s.

West Virginia Mortgage Loan Originator License