W. Va. Code R. § 106-19-15

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

Section 106-19-15 - Aggregate Loan Limits For Certain Lenders

15.1. Aggregate loan limits. -- No West Virginia state-chartered bank or credit union shall retain as an asset reverse mortgage loans in an aggregate amount exceeding ten percent of the institution's capital, undivided profits and surplus.

15.2. Amount Explanation. -- For purposes of complying with this section, the amount of each reverse mortgage loan shall be considered to be the loan balance at anticipated loan maturity which is not guaranteed or insured as to loss of principal by the United States government or an agency the federal government.