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Mortgage Net Branch West Virginia
Your surety bond amount in WV may differ depending on your physical location
In this case, physical location not only means where your mortgage net branch office actually is in West Virginia, but also where your body is. Here's the explanation.
If you are going to work within the state boundaries of West Virginia as a license mortgage broker, you will have to post a $50,000 surety bond. However, if you (your body and your office) are located in another state, but you wish to conduct mortgage broker business as a mortgage net branch in West Virginia, your surety bond amount will be $100,000 (as of this writing).
This may seem like quite a bit for both bonds, but there are some states with higher bonds. You can also consider this—posting a surety bond so that you can perform mortgage broker duties for West Virginia residents will give you a wider area in which you can handle loan originations as well as solicit loan originations.
Some states require that a mortgage net branch actually have the physical location in that state; West Virginia doesn't, which means you don't have to move there (unless you absolutely want to) to conduct your business.
One of the benefits of a WV net branch is the fact you can stay where you are, which may be where your "home office", the larger mortgage company with whom you are affiliated, is located. This allows you to have quick access to your "home office" but still work with West Virginians.
So, as is the case with many things, dollar amounts aren't always the deciding factor in some business transactions. Rather, the opportunities and other benefits can actually be more important. Keep this in mind when considering a mortgage net branch in West Virginia.