West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-05 - Rule Pertaining To Residential Mortgage Lenders, Brokers And Loan Originators › Section 106-5-3 - Records That Must Be Maintained by Licensed Residential Mortgage Lenders Who Provide the Initial Funding for a Loan

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1. The lender that provides the initial
				funding for a loan must maintain the following records:
3.1.a. Loan application, signed and dated by
				the borrower;
3.1.b. Initial Good
				Faith Estimate provided, whether by broker or lender;
3.1.c. Subsequent Good Faith Estimates
				provided by lender;
3.1.d. Required
				Provider List;
3.1.e. Verification
				of borrower income and employment as required by the lender;
3.1.f. Required early Truth in Lending Act
				disclosure;
3.1.g. Any early Truth
				in Lending Act disclosure provided;
3.1.h. Final Truth in Lending Act
				disclosure;
3.1.i. Credit report,
				if obtained;
3.1.j. All written and
				electronic correspondence, including, but not limited to, e-mails and fax
				transmissions, between the lender and broker and between the lender and
				borrower;
3.1.k. HUD-1 or HUD-1A
				Settlement Statement signed by borrowers and lender or settlement agent, if
				applicable;
3.1.l. Affiliated
				Business Arrangement Disclosure Statement, if applicable;
3.1.m. Servicing Transfer Disclosure
				Statement;
3.1.n. Notice of
				Servicing Transfer provided by transferee, if applicable;
3.1.o. Right to Receive Appraisal Disclosure,
				if applicable;
3.1.p. Right of
				Rescission Notice, if applicable;
3.1.q. Tangible Net Benefit Worksheet, if
				applicable;
3.1.r. Deed of
				Trust;
3.1.s. Note or other
				instrument of indebtedness;
3.1.t.
				Any appraisal of the property, if applicable;
3.1.u. Home Ownership Equity Protection Act
				disclosure required by 12 C.F.R. §226.32, if applicable;
3.1.v. Adjustable Rate Mortgage Disclosure,
				if applicable;
3.1.w. A written
				justification for using a non-local appraiser, if applicable;
3.1.x. Any commitment or rate lock-in
				agreements, if applicable;
3.1.y.
				Copies of all rate sheets used on specific dates and times for the prior
				three-year period;
3.1.z. A record
				of all cash, checks, or other monetary instruments received in connection with
				each residential mortgage loan showing the identity of the payor, the date
				received, the amount, and purpose;
3.1.aa. A record of all monies disbursed
				relating to the licensee's business as a mortgage lender including, but not
				limited to, refunds to borrowers and all disbursements of funds on behalf of
				borrowers, showing at least the payee, amount, date, and purpose of payment,
				including identification of the loan to which the payment relates, if
				any;
3.1.bb. Copies of all written
				complaints received from customers and written records of the disposition of
				those complaints;
3.1.cc. A general
				ledger and subsidiary records sufficient to produce an accurate statement of
				assets and liabilities and profit and loss statement on a monthly
				basis;
3.1.dd. A record of all
				charges or fees assessed to the borrower's account reflecting the amount of the
				charge or fee, the purpose, and the date imposed;
3.1.ee. A copy of the escrow account detail
				provided to the borrower annually, if applicable;
3.1.ff. Copies of any written assessment of a
				borrower's ability to repay the loan according to its terms, if applicable;
				and
3.1.gg. Itemization of all fees
				and charges imposed on each loan and received by the lender and by any
				third-parties. The itemization must include the nature and amount of each fee
				or charge and the identity of the recipient.