W. Va. Code R. § 106-5-16

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 106-5-16 - Determining Financial Responsibility for Mortgage Loan Originators

16.1. The Division of Financial Institutions will initially review the credit report of an applicant for a mortgage loan originator license to determine whether the applicant meets the standards of financial responsibility set forth at W. Va. Code § 31-17A-5(c). If the initial review of the credit report reveals information that prevents a determination of sufficient financial responsibility, before making a final decision, the Division will contact the applicant and seek an explanation for his or her financial condition, any supporting documentation, and a plan to improve.

16.2. Additional factors that the Division may consider from the applicant include, but are not limited to:

16.2.a. The existence of a repayment agreement for unpaid debts;

16.2.b. Faithful performance of the applicant's obligations under the repayment agreement;

16.2.c. Active participation in a consumer credit counseling service;

16.2.d. A pending appeal of a negative item on the credit report supported by documentation of the basis of the appeal;

16.2.e. Proof of satisfaction of judgment(s);

16.2.f. Proof of payment of charged off accounts; and

16.2.g. Sudden, significant medical expenses for the applicant or the applicant's spouse or dependent.

W. Va. Code R. § 106-5-16