West Virginia HB4792 amends mortgage disclosure and recordkeeping requirements, reinforcing state law on late fees and clarifying federal compliance.

West Virginia HB4792 amends the state's mortgage disclosure and recordkeeping requirements, reinforcing state law regarding late fees and clarifying that a state-specific closing disclosure is not required if federal closing disclosures are provided accurately. The bill mandates that mortgage holders promptly release liens upon loan satisfaction and provide payoff statements within three business days upon borrower request. It also requires licensees to maintain business records for 36 months.

West Virginia HB4792 amends mortgage disclosure and recordkeeping requirements, reinforcing state law on late fees and clarifying federal compliance.

West Virginia HB4792 amends the state's mortgage disclosure and recordkeeping requirements, reinforcing state law regarding late fees and clarifying that a state-specific closing disclosure is not required if federal closing disclosures are provided accurately. The bill mandates that mortgage holders promptly release liens upon loan satisfaction and provide payoff statements within three business days upon borrower request. It also requires licensees to maintain business records for 36 months.