This bill aims to amend and reenact section 31-17-8 of the Code of West Virginia, which governs the regulations surrounding residential mortgage lenders, brokers, and servicers. A key change proposed in the bill is the modification of the documentation requirements for licensees regarding fees or points charged in connection with mortgage loans. Specifically, the bill removes the requirement for licensees to document the tangible net benefit to the borrower on a form prescribed by the commissioner, instead allowing them to maintain the documentation in the loan file without a specific form.

Additionally, the bill retains existing provisions that regulate maximum interest rates, prepayment rebates, and various prohibitions on mortgage loan terms. It emphasizes the importance of transparency and fairness in mortgage lending practices, ensuring that borrowers are not subjected to excessive fees or unfair terms. The overall intent of the bill is to streamline the documentation process for licensees while maintaining consumer protections in the mortgage lending process.

Statutes affected:
Introduced Version: 31-17-8