West Virginia SB427 modifies documentation requirements for residential mortgage lenders, brokers, and servicers regarding loan fees or points.
West Virginia SB427 amends the Code of West Virginia to modify the type of documentation required to be maintained by a licensed residential mortgage lender, broker, or servicer regarding loan fees or points. The bill specifies that the maximum rate of finance charges on subordinate mortgage loans cannot exceed 18 percent per year on the unpaid balance. It also outlines various prohibited practices, including charging fees not disclosed to the borrower, collecting fees for services not provided, and misrepresenting charges.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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