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 106-5-6 - Records That Must be Maintained by Licensed Residential Mortgage Brokers

Current through Register Vol. XLI, No. 28, July 12, 2024
6.1. A licensed
				residential mortgage broker must maintain the following records:
6.1.a. Initial loan application, signed and
				dated by the loan officer;
6.1.b.
				Contract or agreement between the broker and the borrower;
6.1.c. Initial and subsequent Good Faith
				Estimate(s) provided by the broker;
6.1.d. Required Provider List;
6.1.e. Credit report, if obtained;
6.1.f. Verification of borrower income and
				employment as required by the initial lender;
6.1.g. Required early Truth in Lending Act
				disclosure;
6.1.h. Early Truth in
				Lending Act disclosure provided but not required;
6.1.i. All written and electronic
				correspondence, including, but not limited to, e-mails and fax transmissions,
				between the broker and the lender;
6.1.j. HUD-1 or HUD-1A Settlement Statement
				signed by borrower(s) and initial lender or settlement agent, if
				applicable;
6.1.k. Affiliated
				Business Arrangement Disclosure Statements provided to the borrower;
6.1.l. Servicing Transfer Disclosure
				statement;
6.1.m. Right to Receive
				Appraisal Disclosure, if applicable;
6.1.n. Right of Rescission Notice, if
				applicable;
6.1.o. Tangible Net
				Benefit Worksheet, if applicable;
6.1.p. Appraisal(s) of the property obtained
				by the broker;
6.1.q. A written
				justification for using a non-local appraiser, if applicable;
6.1.r. Any commitment or rate lock-in
				agreements, if applicable;
6.1.s.
				Copies of all notes or electronic correspondence, including, but not limited
				to, e-mails and fax transmissions with borrowers, third party settlement
				service providers including appraisers, title agents and credit reporting
				agencies;
6.1.t. A record of all
				cash, checks, or other monetary instruments received in connection with a loan
				application showing the identity of the payor, the date received, the amount,
				and purpose;
6.1.u. A record of all
				monies disbursed relating to the licensee's business as a mortgage broker
				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;
6.1.v. Copies of
				all written complaints received from customers and written records of the
				disposition of those complaints;
6.1.w. 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;
6.1.x. 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;
6.1.y. Copies of all rate sheets used on
				specific dates and times for the prior three-year period;
6.1.z. Copies of any written assessments of
				the borrower's ability to repay the loan according to its terms, if
				applicable;
6.1.aa. The Final Truth
				in Lending Act Disclosure;
6.1.bb.
				Note or other instrument of indebtedness; and
6.1.cc. Itemization of all fees and charges
				imposed on each loan and received by the broker and by any third-parties. The
				itemization must include the nature and amount of each fee or charge and the
				identity of the recipient.