West Virginia SB573 clarifies that state-specific closing disclosures are not required if federal closing disclosures are provided.
West Virginia SB573 amends the Code of West Virginia to clarify that a state-specific closing disclosure is not required if federal closing disclosures are provided. The bill reinforces state law regarding late fees and mandates that payoff information be provided to borrowers upon request. It also requires mortgage lenders to maintain business records for 36 months after the final entry. The bill specifies that federal closing disclosures must include all required information, including late payment penalty language and residential mortgage disclosures.
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