West Virginia Mortgage Loan Originator

Which agency regulates mortgage loan originators in West Virginia?

• AWV Department of Commerce
• BWV Division of Financial Institutions
• CWV Real Estate Commission
• DWV Secretary of State

How many hours of NMLS-approved pre-license education are required for a West Virginia MLO license?

• A15 hours
• B20 hours
• C24 hours
• D30 hours

What type of foreclosure process does West Virginia primarily use?

• AStrict judicial foreclosure
• BNon-judicial foreclosure through deed of trust
• CAdministrative foreclosure
• DHybrid process

What is the minimum surety bond for a West Virginia MLO license?

• A$10,000
• B$25,000
• C$50,000
• D$100,000

What is the primary West Virginia statute governing mortgage lending?

• AWV Consumer Credit Code
• BWV Residential Mortgage Lender, Broker, and Servicer Act
• CWV Fair Housing Act
• DWV Real Estate License Law

How many hours of continuing education must a West Virginia MLO complete annually?

• A4 hours
• B8 hours
• C12 hours
• D16 hours

What enforcement authority does the WV Division of Financial Institutions have?

• AOnly warnings
• BRevoke, suspend, or deny licenses, impose fines, and issue cease and desist orders
• COnly refer to federal agencies
• DNo enforcement authority

Under West Virginia's non-judicial foreclosure, what notice must the trustee provide?

• ANo notice required
• BWritten notice of sale must be published and served on the borrower per statutory require…
• COnly verbal notice
• DNotice only for commercial properties

What disclosure requirements does West Virginia impose on MLOs?

• ANo disclosures required
• BMLOs must disclose all fees, compensation, and material terms consistent with state and f…
• COnly interest rate
• DOnly at closing

Which practice is prohibited for West Virginia MLOs?

• AOffering multiple loan products
• BSteering borrowers to less favorable loans for increased compensation
• CProviding rate locks
• DCollecting disclosed fees

What is West Virginia's MLO license renewal cycle?

• AEvery 6 months
• BAnnually through NMLS
• CEvery 2 years
• DEvery 3 years

What criminal background check does West Virginia require for MLO applicants?

• AOnly state check
• BFBI background check through fingerprinting via NMLS
• CSelf-reported only
• DNo check required

Are deficiency judgments allowed after West Virginia non-judicial foreclosure?

• ANever allowed
• BYes, lenders can pursue deficiency judgments through a separate court action
• COnly for commercial
• DAutomatically granted

What trust account requirements apply to West Virginia mortgage brokers?

• ANot required
• BBrokers must maintain separate trust accounts for borrower funds, distinct from operating…
• CCan be commingled
• DOnly banks need them

What is the WV DFI's examination authority?

• ANo authority
• BThe DFI can examine records and practices at any time
• COnly after complaints
• DOnly every 5 years

What fair lending protections does West Virginia provide?

• ANo state protections
• BThe WV Human Rights Act provides broad fair lending protections including additional prot…
• COnly federal laws
• DOnly for government loans

What is the role of the trustee in a West Virginia deed of trust foreclosure?

• ARepresents the borrower exclusively
• BA neutral party who holds legal title and conducts the foreclosure sale
• CThe judge overseeing the case
• DThe borrower's attorney

How does West Virginia regulate prepayment penalties?

• AUnlimited allowed
• BRestricted consistent with federal qualified mortgage rules
• CCompletely banned
• DOnly for loans over $500,000