How to Start a Mortgage Broker Business in West Virginia: Division of Financial Institutions and NMLS

If you want to start a mortgage broker business in West Virginia, the license you need comes from the Division of Financial Institutions, which sits within the state Department of Revenue. The Division licenses mortgage lenders, brokers and loan originators through NMLS, the Nationwide Multistate Licensing System, under West Virginia Code Chapters 31-17 and 31-17A. Searches for a mortgage broker license west virginia usually lead to the same sequence: form the company, meet the financial requirements, file through NMLS, then license each person who takes applications.

This guide walks through that sequence in order, with the costs and deadlines that apply today. It also covers the state filings that sit alongside the mortgage license, because a broker has to be registered as a business before the Division will act on an application. This is informational content, not legal or tax advice. Mortgage licensing carries real penalties for mistakes, so have a West Virginia attorney review your company structure and a CPA review your tax position before you file anything.

What you need before you start

Gather these items before you open an NMLS account. Missing documents are the most common reason a filing stalls.

• A company name that is distinguishable from every name already registered or reserved with the Secretary of State
• Articles of Organization (Form LLD-1) if you form a limited liability company, filed through the WV One Stop Business Portal
• Financial statements showing at least $10,000 in tangible net worth, prepared as compiled, reviewed or audited statements
• An electronic surety bond that you purchase through NMLS
• Fingerprints for each person who must be licensed, plus the fingerprint processing fee
• Personal history, residential history and employment history for each owner, officer and loan originator
• Funds for the $350 broker license fee and the NMLS fees (confirm the current NMLS amount with the Division)
• A business address, because each fixed location needs its own State Tax Division registration

Step-by-step: starting a mortgage broker business in West Virginia

Step 1: Confirm which license your model needs

A mortgage broker takes a borrower's application and places the loan with a lender. A lender funds the loan. West Virginia treats these as separate licenses with different costs, so settle this question before you sign a lease or buy a bond. Two rules matter most. A broker may not act as both broker and lender on the same loan. And a company that funds loans needs a lender license, which carries a $1,250 fee, a $250,000 net worth requirement and a surety bond between $100,000 and $250,000.

If you plan to arrange loans only, the broker path is the one to price. If you plan to fund some loans yourself, price both licenses now, because the lender requirements are much heavier. Attorneys and family loans are exempt for loan originators, but do not assume that exemption covers your own deals without checking the statute with an attorney.

Step 2: Form the company with the Secretary of State

Most brokers operate through a limited liability company. The LLC filing is Articles of Organization (Form LLD-1), and the filing fee is $100. File through the WV One Stop Business Portal at https://business4.wv.gov/ or through the Secretary of State business page at https://sos.wv.gov/business. Online filings add a $1.00 portal processing fee. Standard processing takes 5 to 10 business days. Expedited options add $25 for in-person same day or next business day service, $250 for a 2 hour filing or $500 for a 1 hour filing, each in addition to the filing fee.

Your name must contain 'limited liability company,' 'limited company,' or an accepted abbreviation such as LLC or L.L.C. (WV Code 31B-1-105). Check availability at http://apps.sos.wv.gov/business/corporations/ before you file. If you need time to decide, reserve the name for 120 days for $15 at https://sos.wv.gov/reserveregister-business-name.

West Virginia does not require a commercial registered agent. Form LLD-1 asks for an agent for service of process only 'if any,' and the instructions say you may wish to maintain one. The agent can be an individual resident, a corporation or another LLC. The Secretary of State can accept service on the company's behalf, but you must keep your agent and address current, and changes are filed on Form AAO for $15.00.

If the company will operate under a name other than its legal name, register a trade name (DBA) with the Secretary of State, not a county clerk. For an LLC the fee is $25.00, plus a $1.00 online processing fee if you file through the portal, on Form NR-3. Individuals and general partnerships have a different form and no filing fee, but an LLC does not qualify for that treatment.

If the LLC was organized in another state, you need a certificate from the Secretary of State before the Division will consider your application. Ask the Secretary of State which certificate applies to your entity type before you order it.

Step 3: Register with the State Tax Division

West Virginia has no general statewide business license. The closest equivalent is the Business Registration Certificate issued by the State Tax Division. Every business entity must hold one before it engages in business activity. The one-time fee is $30.00, and you can file Form WV/BUS-APP or register online at https://business4.wv.gov/. The certificate is permanent until the business name, location or ownership changes, and each fixed business location needs its own certificate.

Registering your LLC with the Secretary of State does not replace this certificate. Your mortgage license is a separate matter entirely. If your office is inside a city, check with that city about its business license and its gross receipts business and occupation tax, which cities levy on service businesses. Many cities also charge a weekly per-worker service fee. Confirm the current rates with the city clerk, because they vary by municipality.

Step 4: Build the net worth and financial statements

A broker must show tangible net worth of at least $10,000. The figure has to be supported by compiled, reviewed or audited financial statements. Self-prepared statements are not on the accepted list, so plan for a CPA engagement before the application date. Ask the CPA which level of statement fits your company and timeline, since the cost difference between a compilation and an audit can be significant.

Tangible net worth excludes intangible assets such as goodwill, so do not count your domain name, software or customer list toward the $10,000. Keep the statement date close to your filing date so the Division sees current figures.

Step 5: Purchase the surety bond through NMLS

Brokers must obtain an electronic surety bond through NMLS. The bond amount is $50,000, $75,000 or $100,000, depending on your West Virginia loan volume. A broker that wants to join table-funded loans needs a $150,000 bond. The volume bands that set your bond amount are not settled in this guide, so confirm the exact thresholds with the Division before you buy. Bond premiums are charged by the surety company and are not set by the state, so compare quotes from more than one surety.

Step 6: Set up the NMLS account and fingerprints

Create the company's NMLS account and enter the required information for each owner and officer. Each person who must be licensed also needs fingerprints processed. The fingerprint processing fee and NMLS fees sit under West Virginia Code 31-17-4(f). The amounts change, so confirm the current figures with the Division and in NMLS before you pay. Keep the fingerprint receipts, since the Division may ask for them if a submission is incomplete.

Step 7: Submit the broker application and pay the license fee

The broker license fee is $350. Pay it through NMLS with the NMLS and fingerprint fees. The application is submitted under oath. Answer every question carefully, because a false statement on a sworn filing creates a problem that goes beyond the license itself. The Division reviews a complete application within 60 days. An incomplete application does not start that clock in the way you may expect, so a missing bond, unsigned page or unpaid fee will delay the decision.

Step 8: License each individual loan originator

Every person who takes applications or negotiates loan terms on the company's behalf needs a personal loan originator license. The application fee is $200, plus fingerprints (West Virginia Code 31-17A-4). A loan originator may work for only one licensed company at a time, so a person who leaves your company must end that affiliation in NMLS before joining another. Originator licenses renew each year.

Step 9: Plan for the annual filings and per-loan fee

Each year you must renew the company license and submit the annual application under oath. Brokers and lenders also pay $5 per residential loan originated in West Virginia during the year. For example, a broker that originates 40 residential loans owes $200 in that fee. Keep a loan log from the first day you operate so the number is accurate at renewal.

The Secretary of State annual report is a separate obligation. An LLC files its annual report between January 1 and June 30 each year, following the calendar year of registration, for $25. A filing after June 30 costs $75 because of a $50 late fee. An LLC registered in 2026, for example, first files in the 2027 window.

Step 10: Check whether money transmission applies

Money transmitters are regulated under a different law, West Virginia Code Chapter 32A-2, with a $1,000 application fee and a $250 renewal fee. If your model moves borrower funds between parties, ask the Division whether that activity needs its own license before you start. For questions about fintech products or a regulatory sandbox, check the Division's fintech page rather than relying on a general answer.

Cost summary

Item	Amount	Agency or source
LLC Articles of Organization (Form LLD-1)	$100	Secretary of State
Online portal processing fee	$1.00	Secretary of State
Expedited filing	$25 to $500 extra	Secretary of State
Name reservation (120 days)	$15	Secretary of State
Trade name (DBA) for an LLC	$25.00 plus $1.00 online	Secretary of State
Annual report	$25, or $75 after June 30	Secretary of State
Business Registration Certificate	$30 per location	State Tax Division
Broker license fee	$350	Division of Financial Institutions
Fingerprint processing and NMLS fees	Confirm current amounts	Division and NMLS
Surety bond	$50,000, $75,000 or $100,000 (table-funded: $150,000)	Bond purchased through NMLS; premium set by the surety
Loan originator license	$200 plus fingerprints	Division of Financial Institutions
Per-loan fee	$5 per residential loan originated each year	Division of Financial Institutions
Money transmitter application and renewal	$1,000 and $250	Division of Financial Institutions

What to expect after you file

A complete application is reviewed within 60 days, so plan your lease, marketing and lender onboarding around that window rather than a shorter timeline. Once licensed, many new brokers spend the first months confirming their lender relationships, setting up loan files and building a compliance calendar. Results vary widely with local market conditions, your experience and your lender network, so treat any early volume as uncertain rather than assured.

Expect the first year to be paperwork heavy. The Division's annual renewal, the per-loan fee, the Secretary of State annual report and the Tax Division certificate for each location all come due on different schedules. A simple calendar with those dates prevents most of the lapses that cause trouble later.

Common mistakes to avoid

• Treating the Secretary of State filing as the license. The LLC filing creates the entity. The mortgage license comes from the Division through NMLS.
• Filing a trade name with a county clerk. West Virginia trade names are filed with the Secretary of State.
• Relying on self-prepared financial statements for the $10,000 tangible net worth showing, when the Division expects compiled, reviewed or audited statements.
• Counting intangible assets such as goodwill or software toward tangible net worth.
• Buying the bond before confirming your loan volume band, which can leave you with the wrong amount.
• Letting a loan originator work for two licensed companies at the same time.
• Acting as broker and lender on the same loan.
• Missing the June 30 annual report deadline, which raises the cost from $25 to $75.
• Opening a second office without its own Business Registration Certificate.
• Skipping the city review. A city business license and its gross receipts tax can apply even when the state has nothing more to add.

Next steps

Start with the Division and the NMLS requirements, then line up your CPA for the financial statements and your surety for the bond quotes. File the Secretary of State paperwork and the Tax Division certificate while the NMLS application is being prepared, so the company is registered before the Division reviews it. Confirm every figure marked for confirmation with the agency that issues it, because fees and thresholds change.

This article is informational content, not legal or tax advice. Work with a qualified West Virginia attorney on your company structure and licensing questions, and with a CPA on your financial statements and tax obligations, before you commit money or sign a lease.