West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-19 - Rules For Reverse Mortgage Loans › Section 106-19-10 - Permitted Fees, Costs and Payments

Current through Register Vol. XLI, No. 28, July 12, 2024
10.1. Permitted Initial Fees and Charges. --
				Other than principal, interest, shared appreciation and equity participation,
				lenders may only charge, in connection with the origination of reverse mortgage
				loans, the following fees, costs and payments, as applicable, at closing. The
				lender before assessing the charge shall disclose the charges to the
				mortgagor(s) pursuant to section 11 of this rule:
10.1.a. an application fee, which may be
				collected prior to closing, as limited by the provisions of subsection 6.5 of
				this rule;
10.1.b. a loan
				origination fee not to exceed two points based on the value of the real
				property securing the reverse mortgage loan at the time of loan
				closing;
10.1.c. the cost of
				document preparation which is reasonably related to the services provided as
				incurred and paid to a third-party provider;
10.1.d. the cost of appraising or surveying
				the property as incurred and paid to a third-party provider;
10.1.e. the cost of a title examination, an
				abstract of title or title insurance as incurred and paid to a third-party
				provider;
10.1.f. the cost of a tax
				search for tax liens existing at the time of closing if the search is not
				included in the title examination as the cost is incurred and paid to a
				third-party provider;
10.1.g. the
				payment to discharge any existing liens on the real property securing the loan
				as incurred and paid to a third-party;
10.1.h. the cost of recording the reverse
				mortgage loan as incurred and paid to a third-party;
10.1.i. the cost of actual attorney's fees
				charged to the lender in connection with the closing of the loan as incurred
				and paid to a third-party provider;
10.1.j. the cost of a credit report as
				incurred and paid to a third-party provider;
10.1.k. the cost of a flood zone search as
				incurred and paid to a third-party provider;
10.1.l. the cost of an inspection to be paid
				in connection with the origination of the loan but not subsequent to the loan
				closing as incurred and paid to a third-party provider;
10.1.m. the payment to purchase an annuity as
				incurred and paid to a third-party;
10.1.n. the payment for any repairs
				contracted for at or before the loan closing, irrespective of whether the
				repairs are completed at time of closing or whether the funds are held in
				escrow as the payments are incurred and paid to a third-party;
10.1.o. a one-time payment for a tax
				reporting service as incurred and paid to a third-party;
10.1.p. the cost of purchasing mortgage
				insurance as incurred and paid to a third-party provider;
10.1.q. the payment of real estate taxes and
				property insurance as incurred and paid to a third-party; and
10.1.r. the cost of mortgage brokerage
				services, not to exceed three points based on the value of the real property
				securing the reverse mortgage loan at the time of loan closing as incurred and
				paid to a third-party provider.