This bill amends the West Virginia Residential Mortgage Lender, Broker and Servicer Act to clarify the requirements for disclosures and recordkeeping related to mortgage loans. It specifies that a complete and itemized closing statement must be provided to borrowers at the time of closing, detailing various aspects of the loan, including the finance charge rate, payment schedule, and any late payment penalties. Notably, the bill introduces a provision stating that a separate state-specific closing disclosure is not necessary as long as the federal Closing Disclosure required by the Truth-In-Lending Act (TILA)-Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure (TRID) Rules is accurately provided.

Additionally, the bill reinforces the requirement for lenders to maintain records of mortgage loans for 36 months after the final entry and outlines the obligations of lenders to provide account statements and payoff information to borrowers upon request. The language regarding the acceptance of federal disclosures in lieu of state-specific disclosures aims to streamline the process for borrowers while ensuring they receive all necessary information regarding their mortgage loans.

Statutes affected:
Introduced Version: 31-17-9