West Virginia Mortgage Loan Officer Pre-Licensure

How to Get a Mortgage Loan Officer License in West Virginia

How to Get Started as a
West Virginia Mortgage Loan Officer | Requirements to Become an MLO Through NMLS

We’ve compiled the six steps you’ll need to take to enroll in West Virginia Pre-Licensure Education (PE) and start your new career as a Mortgage Loan Officer (MLO). We’ve also answered some of the most common questions that prospective West Virginia Loan Officers have as they consider this exciting new career.

How to Become a Loan Officer in West Virginia

1. Request an NMLS Account

Before beginning the educational component of licensing, prospective Loan Officers must create an NMLS (Nationwide Multistate Licensing System & Registry) account on the State Mortgage Registry website. NMLS is a national database in which all West Virginia MLOs must register. After creating their account, applicants receive a personal NMLS number that will be maintained for the duration of their time working as a Loan Officer.

2. Complete NMLS-Approved Pre-Licensure Education

In West Virginia, you’re required to complete 24 hours of coursework in order to meet the education requirements. The courses include the following:

  • 3 hours of Federal Law
  • 3 hours of Ethics
  • 2 hours of Non-Traditional Mortgage Lending
  • 12 hours of General Electives
  • 4 hours of West Virginia-specific defined electives

The West Virginia-specific 4-hr. course is required by the West Virginia state licensing agency, also known as the West Virginia Department of Financial Institutions.

3. Pass the SAFE Mortgage Loan Officer Test in West Virginia

The West Virginia SAFE MLO Test can be scheduled by visiting the NMLS website. Applicants use their existing account number to schedule the exam. The exam has 115 scored questions, and test takers must answer at least 75% correctly. It costs $110 to take, and students are given 3 hours and 10 minutes to complete the test. You can learn more by reviewing the MLO Testing Handbook.

Did You Know?

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4. Complete State and FBI Criminal Background Checks

West Virginia applicants will need to login into their NMLS account and head to the Filing section. From there, click on the Criminal Background Check tab. You will authorize a Federal Criminal Background Check by completing the fields and clicking Attest.

Then, West Virginia applicants must schedule an appointment to submit their fingerprints. In the portal, users will click on the Composite View button then select Criminal Background Requests. In this module, you can schedule your fingerprinting appointment by clicking the “Fieldprint” button.

The total cost of the state and FBI criminal background check is $36.25.

5. Complete the NMLS Application

Now it’s time to submit for official West Virginia licensure through NMLS. Applicants will apply through the NMLS licensing portal. Applicants are advised to review the MLO New Application checklist beforehand in order to ensure they’re ready to apply.

You’ll need to pay $200 for the West Virginia portion of the licensing fee. Additionally, a credit report must be submitted at the time of application for a fee of $15.

6. Secure Your Employer Sponsorship

Your West Virginia Loan Officer License will remain in pending status until your employing sponsorship is verified with NMLS. This verification is completed inside of the NMLS portal. Users will visit the Form Filing Home screen, then click Company Access. They’re then prompted to add their employer sponsorship by submitting employment details. Once the sponsoring employer receives notice of the verification request, they can approve the sponsorship. Upon approval, applicants are officially licensed.

Summary of West Virginia MLO Fees

$200-$500

Pre-Licensure Education

$36.25

Criminal Background Check

$110

The SAFE MLO Test

$15

Credit Report

$30

NMLS Processing Fee

$200

West Virginia Application Fee

real-estate

What Else Is There to Know About Becoming a Mortgage Loan Officer in West Virginia?

What is the definition of a Mortgage Loan Officer in the state of West Virginia?

In §31-17A-2 of the West Virginia Statutes, the role is defined as follows:

(h) “Mortgage Loan Originator” means an individual who for compensation or gain or in the expectation of compensation or gain takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan and is sponsored by a mortgage lender, Broker, or regulated consumer lender licensed by the Division of Financial Institutions.

Note: The titles “Mortgage Loan Officer” and “Mortgage Loan Originator” are often used interchangeably, including in the summary above.

How much do West Virginia Mortgage Loan Officers make?

According to ZipRecruiter, West Virginia Mortgage Officers make approximately $64,000 per year on average as of November 2021. The 75th percentile of earners makes above $95,000, while the bottom 25th makes under $33,000. Top earners can earn more than $114,000 in West Virginia.

What is the West Virginia market like for Mortgage Loan Officers?

The real estate market in the Mountain State is steadily rising. With low interest rates and plenty of natural beauty to behold, home prices in West Virginia have jumped by a healthy 9.8% over the past year with no indication of slowing down. That's great news for an MLO looking to kick off their mortgage career!

Is West Virginia a good state to work in as a Mortgage Loan Officer?

It pays to be a Mortgage Loan Officer in West Virginia. The median home cost in West Virginia is $119,000. At a commission rate of 1%, that’s a $1,190 payment for the MLO once the loan is secured. Here are the average home payouts in a few West Virginia locations:

Charleston:

Average Home Price: $135,000

Average Commission: $1,350

Huntington:

Average Home Price: $92,000

Average Commission: $920

Morgtantown:

Average Home Price: $232,000

Average Commission: $2,320

The Summersville Mansion

Home Price: $19,500,000

Your Commission: $195,000

All average home price figures were collected from Zillow.

What are some of the notable West Virginia mortgage loan companies?

If you’re looking to get in contact with mortgage loan companies to ask about the profession, services, or employment opportunities, you can contact any of the following local businesses:

Pioneer Appalachia Federal Credit Union (Charleston)

Huntington Mortgages (Huntington)

Sierra Pacific Mortgage (Morgantown)

Homespire Mortgage (Martinburg)

Pioneer Community Bank (Beckley)