SB 573
Relating to requirements for disclosures and recordkeeping by persons making mortgage loans
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Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill clarifies requirements for disclosures and recordkeeping related to mortgage loans in West Virginia. It ensures borrowers receive a detailed closing statement outlining loan terms, fees, and costs, including late payment penalties. The bill also specifies that a separate, state-specific closing disclosure isn’t needed if the required information is included in a federal closing disclosure, aligning with federal regulations like TILA and RESPA. Finally, it mandates recordkeeping requirements for mortgage lenders and servicers.
Key provisions
- Requires lenders to provide borrowers with a detailed closing statement outlining loan terms and fees.
- Specifies the information that must be included in the closing statement, such as finance charges, payment schedules, and insurance costs.
- States that a separate state-specific closing disclosure is not required if federal closing disclosures are accurate.
- Establishes recordkeeping requirements for mortgage lenders and servicers, requiring them to maintain records for 36 months.
- Mandates the delivery of a payoff statement to borrowers upon request.
- Clarifies procedures for releasing liens upon mortgage loan satisfaction.
- Allows for charges for third-party delivery services for payoff statements, with borrower disclosure of costs.
- Provides for the commissioner to prescribe additional information to be included in closing statements.
Who is affected
- Mortgage lenders
- Mortgage brokers
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