This bill amends the West Virginia Residential Mortgage Lender, Broker, and Servicer Act, specifically section 31-17-9, to clarify the requirements for disclosures and recordkeeping related to mortgage loans. It reinforces state law regarding late fees by specifying that the closing statement provided to borrowers must include the maximum late payment penalty. Additionally, the bill states that a separate state-specific closing disclosure is not necessary as long as the federal Closing Disclosure, which complies with the Truth-In-Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure Rules, is accurately provided to the borrower.

The bill also outlines the obligations of mortgage loan holders regarding account statements and payoff statements upon request from borrowers, ensuring timely delivery and transparency without imposing unnecessary charges. Furthermore, it mandates that licensees maintain business records related to residential mortgage loans for a period of 36 months after the final entry. Overall, the bill aims to streamline the disclosure process for borrowers while ensuring compliance with both state and federal regulations.

Statutes affected:
Introduced Version: 31-17-9