West Virginia Origination Reference Guide
- Kacey Olson
Owned by Kacey Olson
Aug 30, 2017
3 min read
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| Citation | Topic | Requirement |
| Consumer Credit and Protection Act / W. Va. Code Ann. §46A-2-105(2) | Balloon Notice | Must be contained in any writing purporting to contain the agreement of the parties. |
| Residential Mortgage Lender, Broker and Servicer Act / W. Va. Code Ann. §31-17-8(j) | Blank Spaces | An instrument evidencing or securing a mortgage loan may not contain blank or blanks to be filled in after the consummation of the loan. A borrower must be given a copy of every signed document executed by the borrower at the time of closing. |
| Residential Mortgage Lender, Broker and Servicer Act / W. Va. Code Ann. §31-17-8(j) | Copy of Borrower Signed Documents | A borrower must be given a copy of every signed document executed by the borrower at the time of closing |
| Rule Pertaining to Residential Mortgage Lenders, Brokers, and Loan Originators / W. Va. Code St. R. §106-05-11 | Documentation of Ability to Repay | 11.1. No lender should make a loan unless the lender reasonably believes at the time the loan is closed that the borrower(s) will be able to make the scheduled payments to repay the loan. This reasonable belief must be based upon a consideration of the income of the borrower(s), current debt, employment status and history, and other financial resources other than equity in the dwelling that will secure the loan.  11.2. If a borrower’s household debt-to-income ratio will exceed fifty percent upon the extension of new residential mortgage loan as determined from a credit report, credit application, financial statement, then the broker and initial lender must document, in writing and maintain in accordance with the provisions of subsections 3.1.ff. or 6.1.z. of this rule, an assessment of the borrower’s ability to repay the loan according to its terms. Such assessment must be signed by the lender or the lender’s representative and the borrower(s) and must consider the household’s current debt obligations, the term of the loan, and the borrower(s) circumstances along with their current and projected income and assets, other than a security interest in the real estate taken to secure the loan.  11.3. The requirement of subsection (2) of this section shall not apply if the loan obtained qualifies under guidelines established by the West Virginia Housing Development Fund, the Veterans Administration or a non-profit housing provider licensed under W. Va. Code §31-17-1, et seq. |
| Consumer Credit and Protection Act / W. Va. Code Ann. §46A-3-109a | Lender Placed Insurance Notice | Must be provided at the close of a loan and may be a separate document or included in the credit agreement |
| Secure and Fair Enforcement for Mortgage Licensing Act / W. Va. Code Ann. §31-17A-18 | NMLS Unique Identifier | The NMLS unique identifier of any person originating a residential mortgage loan must be clearly shown on all residential mortgage loan application forms, solicitations or advertisements, including business cards or web sites, and on any other documents as established by the Commissioner. |
| Consumer Credit and Protection Act / W. Va. Code Ann. §46A-2-104(a) | Notice to Cosigner | Must be provided prior to a cosigner becoming obligated on a loan and must be a separate notice. |
| Consumer Credit and Protection Act / W. Va. Code Ann. §46A-3-109(b) | Right to Choose Insurance Provider | Must be provided if an additional charge is made for insurance written against loss of or damage to property or against liability. |
Tangible Net Benefit Worksheet | This worksheet must be provided to document a borrower’s reasonable, tangible net benefit where loan origination fees, investigation fees or points were charged by a lender on a loan closed within the preceding 24 months, and such charges will also be imposed on a refinance of that loan or an additional loan on the same property. |