W. Va. Code R. § 106-5-6

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

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

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.

6.2. All records required to be maintained by section 6.1 shall be kept in the specific loan file relating to the individual borrower or loan applicant except for those records listed in subsections 6.1.t, 6.1.u, 6.1.v, 6.1.w and 6.1.y.

W. Va. Code R. § 106-5-6