This bill aims to amend and reenact section 31-17-8 of the Code of West Virginia, 1931, specifically focusing on the documentation requirements for licensed residential mortgage lenders, brokers, or servicers concerning loan fees or points. The proposed changes include the deletion of the requirement for the licensee to document the tangible net benefit to the borrower on a form prescribed by the commissioner, instead allowing the documentation to be maintained in the loan file without a specific form. This modification is intended to streamline the documentation process while ensuring that lenders still provide necessary information regarding the benefits of refinancing or additional loans.

Additionally, the bill maintains existing provisions regarding maximum interest rates, prepayment rights, and limitations on fees and charges associated with mortgage loans. It emphasizes the importance of transparency and compliance with both state and federal regulations, ensuring that borrowers are protected from excessive fees and unfair lending practices. Overall, the bill seeks to enhance the regulatory framework governing residential mortgage lending in West Virginia while simplifying certain documentation requirements for lenders.

Statutes affected:
Introduced Version: 31-17-8