West Virginia Servicing Reference Guide
- Kacey Olson
| Citation | Topic | Requirement |
| Consumer Credit and Protection Act / W. Va. Code Ann. §46A-3-109(b) | Cancellation of Credit Insurance | When a consumer loan is paid in full, the lender receiving the payment must inform the borrower of the cancellation of any credit insurance providing life, accident, health or loss of income coverage and advise the borrower of the application of any unearned premiums to the loan balance |
| Consumer Credit and Protection Act / W. Va. Code Ann. §46A-2-106 | Certification of Mailing of Notice of Consumer Right to Cure Default | Must be completed by an officer or authorized representative of the creditor and must appear directly on or be attached to a copy of the notice of the consumer’s right to cure default sent to the borrower. |
| W. Va. Code Ann. §38-1-7 | Distribution of Proceeds of Sale | (a) The trustee shall apply the proceeds of sale, first to the payment of expenses attending the execution of the trust, including a commission to the trustee of five percent on the first $300, and two percent on the residue of the proceeds, and shall apply the balance of such proceeds pro rata, or in the order of priority, if any, prescribed by the trust deed, to the payment of the debts secured and the indemnity of the sureties indemnified by the deed, and shall pay the surplus, if any, to the grantor, his, her or its heirs, personal representatives, successors or assigns, as their interests may appear. |
| W. VA. Code Ann. §38-1-8 | Inventory and Account of Property Sold | When a sale of property is made under any trust deed otherwise than under a decree, there shall, within two months after the sale, be returned by the trustee, to the clerk of the county court of the county wherein such deed may have been first recorded, an inventory of the property sold and an account of the sale. Any trustee failing to comply with this section shall forfeit his commissions on such sale, which commissions may be recovered in an action by the grantors in such deed, or of any beneficiary when the proceeds of sale were insufficient to pay the debt secured. |
WV Residential Mortgage Lender, Broker and Servicer Act & Consumer Credit and Protection Act | W. Va. Code Ann. §31-17-8(e) W. Va. Code Ann. §46A-3-112(1) | Late Payment Fees | (e) Notwithstanding other provisions of this section, a delinquent charge or late charge may be charged on any installment made ten or more days after the regularly scheduled due date in accordance with section one hundred twelve or one hundred thirteen, article three, chapter forty-six-a of this code, whichever is applicable. The charge may be made only once on any one installment during the term of the primary or subordinate mortgage loan. |
| Consumer Credit and Protection Act / W. Va. Code Ann. §46A-3-116(2) | Notice of Change in Terms (Revolving Loan) | The lender must give to the borrower written notice of the change not less than 15 days prior to the effective date of the change. The notice is given to the borrower when mailed to him or her at the address used by the lender for mailing periodic billing statements. |
| Consumer Credit and Protection Act / W. Va. Code Ann. §46A-2-106 | Notice of Default | After a borrower has been in default for 5 days for failure to make a scheduled payment or otherwise perform pursuant to a consumer loan (other than with respect to a covenant to provide insurance for) or otherwise to protect & preserve the property covered by a security interest, the lender may give the borrower a Notice of Default. Actual delivery or mailing of the notice to the borrower’s last known address of the borrower is sufficient for meeting this requirement. A lender may not commence any action or demand, or take possession of collateral on account of default until 10 days after the Notice of Default has been given to the borrower. |
| Consumer Credit and Protection Act / W. Va. Code Ann. §46A-3-109a(c) | Notice of Placement of Insurance | Within 30 calendar days following placement of collateral protection insurance, the lender must mail to the consumer and to any cosigner, guarantor or other person liable with the consumer for the obligation, at the last known address of the person, a Notice of Placement of Insurance. |
| W. Va. Code Ann. §38-1-4 | Notice of Sale - Non-Judicial | A trustee must, after default on a loan secured by a deed of trust and after all other conditions precedent to sale by the trustee have occurred, give a Notice of Sale prior to selling the property. The trustee must publish a notice of a sale once a week for 2 successive weeks in a newspaper published in the county where the real property is located. If there is no newspaper in the county, then the notice must be published outside of the county. If no paper exists or the paper refuses to publish the notice, the notice must be posted in at least 3 public places, including the county courthouse or municipal building if the publication area is a municipality, in the county where the real property is located. In addition, a copy of the notice must be served on the grantor in the trust deed, or his agent or personal representative, by certified mail, return receipt requested, directed to the address shown by the grantors on the deed of trust or other address given to the beneficiary of the trust deed or the beneficiary’s agent or assignee in writing by the grantor subsequent to the execution and delivery of the trust deed and notice is deemed complete when it is mailed to the aforesaid address, at least 20 days prior to the sale, upon any subordinate lienholder who has previously notified the primary lienholder by certified mail of the existence of a subordinate lien. |
| Consumer Credit and Protection Act / W. Va. Code Ann. §46A-2-114(1) | Payment Receipt | A lender must deliver or mail to the borrower, without request, a written receipt for each payment by coin or currency on an obligation. A periodic statement showing a payment received complies with this requirement. |
| Residential Mortgage Lender, Broker and Servicer Act / W. Va. Code Ann. §31-17-9(d) | Payoff Statement | Within 3 business days after receipt of a written request or authorization from a borrower, the holder of a mortgage loan must provide the borrower or borrower’s designee a payoff statement of the borrower’s account. |
| Release and Assignment of Liens / W. Va. Code Ann. §38-12-1(a) | Release of Lien | Upon satisfaction, the holder must execute a written release of a mortgage lien free of charge to the borrower if the lien within 30 days after the debt has been satisfied. |
| Consumer Credit and Protection Act / W. Va. Code Ann. §46A-2-106 | Right to Cure Default | Until the 10 day period after a Notice of Default is provided ends, the borrower will have the right to cure any default by tendering the amount of all unpaid sums due at the time of the tender, without acceleration, plus any unpaid delinquency or deferral charges and by tendering any other performance necessary to cure the default. |
| Residential Mortgage Lender, Broker and Servicer Act / W. Va. Code Ann. §31-17-9(b) | Statement of Account | Within 10 business days after receipt of a written request from a borrower, the holder of a closed-end mortgage loan must deliver to the borrower a written statement. The statement must be provided without charge once during each year of the term of the loan. If additional statements are requested, a charge not in excess of $3 may be imposed for each additional statement. |