W. Va. Code R. § 106-19-5

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

Section 106-19-5 - Lending Procedures and Records Retention

5.1. Toll-Free Telephone Number. B All lenders must provide a toll-free telephone number and the name of a person to whom applicants and mortgagors may address questions, comments or complaints.

5.2. Books and Records Retention. B All lenders shall maintain their books and records relating to the making of reverse mortgage loans for a six-year period as set forth in W. Va. Code '31A-4-35 in a manner permitting inspection by the Commissioner of Banking. The Commissioner is authorized to inspect the books and records upon reasonable notice. Lenders shall bear all costs and expenses relating to these inspections.

5.3. Notice of Agent for Service of Process. B The lender shall disclose within the deed of trust its designated agent for service of process in connection with any reverse mortgage loan transaction, together with the agent's address.

5.4. Mortgage Loan Forms. B All lenders shall, upon request, furnish copies of its mortgage loan forms and other documents to the West Virginia division of banking for review.

5.5. Telephone Applications Not Permissible. B No lender shall accept telephone applications. However a lender may solicit and accept inquiries about its products from potential borrowers by telephone.

W. Va. Code R. § 106-19-5