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Mortgage Lending: WEST VIRGINIA

W. Va. Code §§ 31-17-1, 31-17-8, 31-17-17

Scope: Primary and subordinate mortgage loans as defined in § 31-17-1.

Net Tangible Benefit Requirement for Refinancings: When loan origination fees, investigation fees, or points have been charged by a lender, broker or originator, those charges may not be imposed again in any refinancing of that loan or any additional loan on that property made within 24 months thereof, unless the new loan provides a reasonable, tangible net benefit to the borrower (§ 31-17-8).

Mortgage Lending: WISCONSIN

Wis. Stat. §§ 428.202 to 428.211

Scope: Covered loans as defined in § 428.202.

Net Tangible Benefit Requirement for Refinancings: No lender or assignee may refinance a covered loans within one year unless refinancing is in consumer’s interest (§ 428.203).

Ability to Repay: No lender may make covered loans based on borrower’s collateral without regard to borrower’s ability to repay (§ 428.203).

Loan Counseling: Statutory disclosure required before making covered loan (§ 428.208).

Mortgage Lending: § 160.1 General.

(a) Authority and scope. This part is being issued by the Office of the Comptroller of the Currency (OCC) under its general rulemaking and supervisory authority under the Home Owners’ Loan Act (HOLA), 12 U.S.C. 1462 et seq.

Mortgage Lending: § 160.110 Most favored lender usury preemption for all savings associations.

(a) Definition. The term “interest” as used in 12 U.S.C. § 1463(g) includes any payment compensating a creditor or prospective creditor for an extension of credit, making available of a line of credit, or any default or breach by a borrower of a condition upon which credit was extended. It includes, among other things, the following fees connected with credit extension or availability: numerical periodic rates, late fees, not sufficient funds (NSF) fees, overlimit fees, annual fees, cash advance fees, and membership fees.

Mortgage Lending: 12 U.S.C. § 3806. Adjustable rate mortgage caps

(a) In general

Any adjustable rate mortgage loan originated by a creditor shall include a limitation on the maximum interest rate that may apply during the term of the mortgage loan.

(b) Regulations

The Board of Governors of the Federal Reserve System shall prescribe regulations to carry out the purposes of this section.

(c) Enforcement

Mortgage Lending: Listing of Provisions

Title 15—Commerce and Trade

Chapter 41—Consumer Credit Protection

Subchapter I—Consumer Credit Cost Disclosure

Part A—General Provisions1

* * *

15 U.S.C. § 1615. Prohibition on use of “Rule of 78’s” in connection with mortgage refinancings and other consumer loans

Mortgage Lending: Introduction and Listing of Provisions

The Servicemembers Civil Relief Act, formerly codified at 50 U.S.C. app. §§ 501 to 597b, has been recodified at 50 U.S.C. §§ 3901 to 4043. Text of the Act may include references to former Title 50 Appendix sections, which should now be revised to refer to the corresponding sections of Title 50. The statutory citation lists found at the end of each section noting the source(s) of that section remain unaltered.

Title 50—War and National Defense

Chapter 50—Servicemembers Civil Relief

Mortgage Lending: § 3911. Definitions

For the purposes of this chapter:

(1) Servicemember

The term “servicemember” means a member of the uniformed services, as that term is defined in section 101(a)(5) of title 10, United States Code.

(2) Military service

The term “military service” means—

(A) in the case of a servicemember who is a member of the Army, Navy, Air Force, Marine Corps, or Coast Guard—

Mortgage Lending: Introduction and Listing of Provisions

This appendix reprints the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act), 12 U.S.C. §§ 5101 to 5116. Section 5112 of the SAFE Act was amended by the Economic Growth, Regulatory Relief, and Consumer Protection Act, Pub. L. No. 115-174, § 106, 132 Stat. 1296 in May 2018, and a new section 5117 was added to the Act. These amendments were effective Nov. 24, 2019.

Title 12. Banks and Banking

Chapter 51. Secure and Fair Enforcement for Mortgage Licensing

Mortgage Lending: § 5101. Purposes and methods for establishing a mortgage licensing system and registry

In order to increase uniformity, reduce regulatory burden, enhance consumer protection, and reduce fraud, the States, through the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators, are hereby encouraged to establish a Nationwide Mortgage Licensing System and Registry for the residential mortgage industry that accomplishes all of the following objectives:

(1) Provides uniform license applications and reporting requirements for State-licensed loan originators.

Mortgage Lending: § 5102. Definitions

For purposes of this chapter, the following definitions shall apply:

(1) Bureau

The term “Bureau” means the Bureau of Consumer Financial Protection.

(2) Federal banking agency

The term “Federal banking agency” means the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the National Credit Union Administration, and the Federal Deposit Insurance Corporation.

Mortgage Lending: § 5103. License or registration required

(a) In general

Subject to the existence of a licensing or registration regime, as the case may be, an individual may not engage in the business of a loan originator without first—

(1) obtaining, and maintaining annually—

(A) a registration as a registered loan originator; or

(B) a license and registration as a State-licensed loan originator; and

Mortgage Lending: § 5105. Standards for State license renewal

(a) In general

The minimum standards for license renewal for State-licensed loan originators shall include the following:

(1) The loan originator continues to meet the minimum standards for license issuance.

(2) The loan originator has satisfied the annual continuing education requirements described in subsection (b).

Mortgage Lending: § 5108. Backup authority to establish a Nationwide Mortgage Licensing and Registry System

If at any time the Director determines that the Nationwide Mortgage Licensing System and Registry is failing to meet the requirements and purposes of this chapter for a comprehensive licensing, supervisory, and tracking system for loan originators, the Director shall establish and maintain such a system to carry out the purposes of this chapter and the effective registration and regulation of loan originators.

[Pub. L. No. 111-203, tit. X, §§ 1100(3), 1100H, 124 Stat. 2107, 2113 (2010).]

Mortgage Lending: § 5109. Fees

The Bureau, the Farm Credit Administration, and the Nationwide Mortgage Licensing System and Registry may charge reasonable fees to cover the costs of maintaining and providing access to information from the Nationwide Mortgage Licensing System and Registry, to the extent that such fees are not charged to consumers for access to such system and registry.

[Pub. L. No. 111-203, tit. X, §§ 1100(2), (7), 1100H, 124 Stat. 2106, 2113 (2010).]

Mortgage Lending: § 5110. Background checks of loan originators

(a) Access to records

Notwithstanding any other provision of law, in providing identification and processing functions, the Attorney General shall provide access to all criminal history information to the appropriate State officials responsible for regulating State-licensed loan originators and other financial service providers to the extent criminal history background checks are required under the laws of the State for the licensing of such loan originators or other financial service providers.