Microsoft Word - WVSOS - Online Applications And Data Access.pdf

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1、106CSR5106CSR5TITLE 106TITLE 106LEGISLATIVE RULELEGISLATIVE RULECOMMISSIONER OF BANKINGCOMMISSIONER OF BANKINGSERIES 5SERIES 5RULE PERTAINING TO RESIDENTIAL MORTGAGERULE PERTAINING TO RESIDENTIAL MORTGAGELENDERS,BROKERS,AND LOAN ORIGINATORSLENDERS,BROKERS,AND LOAN ORIGINATORS 106-5-1.General106-5-1.

2、General.1.1.Scope.-This rule establishes thegeneral method for implementing West VirginiaCode 31-17-1,et seq.;it applies to alllicensees under that statute.1.2.Authority.-W.Va.Code 31-17-3and 31-17-11(a)1.3.Filing Date.-April 5,2004.1.4.Effective Date.-July 1,2004.106-5-2.106-5-2.TimeTime FramesFram

3、es forfor RecordRecord KeepingKeepingby Licensees.by Licensees.2.1.A residential mortgage lender who actsas the original lender providing the initialfunding for a mortgage loan to a borrower mustmaintain records related to that loan for a periodof thirty-six months from the date the loancloses.In ca

4、ses where the loan does not close,for any reason,that residential mortgagelendermust maintain records related to the proposedloan for a period of thirty-six months from thedate of the borrowers loan application.2.2.A residential mortgage lender that doesnot provide the initial funds for a loan but o

5、nlypurchases,takes assignment of,or services theloan,must maintain records related to that loanfor a period of thirty-six months from the date oflast entry on the books of that lender.2.3.A residential mortgage broker mustretain records related to mortgage loans for aperiod of thirty-six months from

6、 the date theloan closes.In cases where the loan does notclose,for any reason,the residential mortgagebroker must maintain records related to the loanproposed for a period of thirty-six months fromthedateofthelatestapplication,creditdocument,required disclosure or request byconsumer to terminate the

7、 transaction.106-5-3.Records That Must Be Maintained106-5-3.Records That Must Be Maintainedbyby LicensedLicensed ResidentialResidential MortgageMortgage LendersLendersWho Provide the Initial Funding for a Loan.Who Provide the Initial Funding for a Loan.3.1.The lender that provides the initialfunding

8、 for a loan must maintain the followingrecords:a.Loan application,signed and datedby the borrower;b.Initial Good Faith Estimate provided,whether by broker or lender;c.Subsequent Good Faith Estimatesprovided by lender;d.Required Provider List;e.Verification of borrower income andemployment as require

9、d by the lender;f.Required early Truth in Lending Actdisclosure;g.Any early Truth in Lending Actdisclosure provided;h.FinalTruthinLendingActdisclosure;i.Credit report,if obtained;j.Allwrittenandelectroniccorrespondence,including fax transmissions,between the lender and broker;k.HUD-1 or HUD-1A Settl

10、ementStatement signed by borrowers and lender orsettlement agent,if applicable;l.Affiliated Business ArrangementDisclosure Statement,if applicable;m.ServicingTransferDisclosureStatement signed by borrower;1106CSR5106CSR5n.NoticeofServicingTransferprovided by transferee,if applicable;o.RighttoReceive

11、AppraisalDisclosure,if applicable;p.Right of Rescission Notice,ifapplicable;q.Tangible Net Benefit Worksheet,ifapplicable;r.Deed of Trust;s.Noteorotherinstrumentofindebtedness;t.Any appraisal of the property,ifapplicable;u.Home Ownership Equity ProtectionAct disclosure required by 12 C.F.R.226.32,if

12、applicable;v.Adjustable Rate Mortgage Disclosure,if applicable;w.A written justification for using anon-local appraiser,if applicable;x.Any commitment or rate lock-inagreements,if applicable;y.Copies of all rate sheets used onspecific dates and times for the prior three-yearperiod;z.A record of all

13、cash,checks,or othermonetary instruments received in connectionwith each residential mortgage loan showing theidentity of the payor,the date received,theamount,and purpose;aa.A record of all monies disbursedrelating to the licensees business as a mortgagelender including,but not limited to,refunds t

14、oborrowers and all disbursements of funds onbehalf of borrowers,showing at least the payee,amount,date,and purpose of payment,includingidentification of the loan to which the paymentrelates,if any;bb.Copies of all written complaintsreceived from customers and written records ofthe disposition of tho

15、se complaints;cc.A general ledger and subsidiaryrecordssufficienttoproduceanaccuratestatement of assets and liabilities and profit andloss statement on a monthly basis;dd.A record of all charges or feesassessed to the borrowers account reflecting theamount of the charge or fee,the purpose,and thedat

16、e imposed;ee.A copy of the escrow account detailprovided to the borrower annually,if applicable;andff.Copies of any written assessment ofa borrowers ability to repay the loan accordingto its terms,if applicable.3.2.All records required to be maintainedby section 3.1 shall be kept in the specific loa

17、nfile relating to the individual borrower or loanapplicant except for those records listed insubsections 3.1.z,3.1.aa,3.1.bb and 3.1.cc.106-5-4.Records That Must be Maintained106-5-4.Records That Must be Maintainedbyby LicensedLicensed ResidentialResidential MortgageMortgage LendersLendersThatThat P

18、urchasePurchase oror TakeTake AssignmentAssignment ofof a aResidential Mortgage Loan.Residential Mortgage Loan.4.1.Alenderthat,afterclosing,subsequently purchases or takes assignment of aloan subject to the provisions of W.Va.Code 31-17-1,et seq.must maintain the followingrecords:a.The Final Truth i

19、n Lending ActDisclosure;b.Allwrittencorrespondence,including fax transmissions,between that lenderand the previous lender that held or serviced theloan;c.HUD-1 or HUD 1-A SettlementStatement,signed by borrower(s)and initiallender or settlement agent,if applicable;d.NoticeofServicingTransferprovided

20、by transferee,if applicable;e.The Note or other instrument ofindebtedness;f.Allwrittenandelectroniccorrespondencebetweenthatpurchaseror2106CSR5106CSR5assignee and the borrower including e-mails andfacsimile transmissions;g.A telephone log reflecting the dateand substance of telephone conversations w

21、ithborrowers;h.A record of all cash,checks,or othermonetary instruments received in connectionwith a residential mortgage loan showing theidentity of the payor,the date received,theamount,and purpose and a description of howfunds were applied;i.A record of all monies disbursedrelating to the license

22、es business as a mortgagelender including,but not limited to,refunds toborrowers and all disbursements of funds onbehalf of borrowers,showing at least the payee,amount,date,and purpose of payment,includingidentification of the loan to which the paymentrelates,if any;j.Copies of all written complaint

23、sreceived from customers and written records ofthe disposition of those complaints;k.A general ledger and subsidiaryrecordssufficienttoproduceanaccuratestatement of assets and liabilities and profit andloss statement on a monthly basis;andl.A record of all charges or feesassessed to the borrowers ac

24、count reflecting theamount of the charge or fee,the purpose,and thedate imposed.4.2.All records required to be maintainedby section 4.1 shall be kept in the specific loanfile relating to the individual borrower or loanapplicant except for those records listed insubsections 4.1.g,4.1.h,4.1.i,4.1.j an

25、d 4.1.k.106-5-5.Records That Must be Maintained106-5-5.Records That Must be Maintainedby Licensed Residential Mortgage Servicers.by Licensed Residential Mortgage Servicers.5.1Alenderthat,afterclosing,subsequently services a loan subject to theprovisions of W.Va.Code 31-17-1,et seq.must maintain the

26、following records:a.The Final Truth in Lending ActDisclosure;b.Allwrittencorrespondence,including fax transmissions,between that lenderand the previous lender that held or serviced theloan;c.HUD-1 or HUD-1A SettlementStatement,signed by borrower(s)and initiallender or settlement agent,if applicable;

27、d.AsignedServicingTransferDisclosure statement;e.The Deed of Trust;f.Noteorotherinstrumentofindebtedness;g.Legal instrument(s)assigning thenote and deed of trust to purchaser or assignee;h.Any appraisals of the property,ifapplicable;iAllwrittenandelectroniccorrespondence between the servicer and the

28、borrowerincludinge-mailsandfacsimiletransmissions;j.A telephone log reflecting the dateand substance of telephone conversations withborrowers;k.A record of all cash,checks,or othermonetary instruments received in connectionwith a residential mortgage loan showing theidentity of the payor,the date re

29、ceived,theamount,and purpose and description of howfunds were applied;l.A record of all monies disbursedrelating to the licensees business as a mortgagelender including,but not limited to,refunds toborrowers and all disbursements of funds onbehalf of borrowers,showing at least the payee,amount,date,

30、and purpose of payment,includingidentification of the loan to which the paymentrelates,if any;m.Copies of all written complaintsreceived from customers and written records ofthe disposition of those complaints;n.A general ledger and subsidiaryrecordssufficienttoproduceanaccuratestatement of assets a

31、nd liabilities and profit andloss statement on a monthly basis;and3106CSR5106CSR5o.A record of all charges or feesassessed to the borrowers account reflecting theamount of the charge or fee,the purpose,and thedate imposed.5.2.All records required to be maintainedby section 5.1 shall be kept in the s

32、pecific loanfile relating to the individual borrower or loanapplicant except for those records listed insubsections 5.1.j,5.1.k,5.1.l,5.1.m and 5.1.n.106-5-6.Records That Must be Maintained106-5-6.Records That Must be Maintainedby Licensed Residential Mortgage Brokers.by Licensed Residential Mortgag

33、e Brokers.6.1 A licensed residential mortgagebrokermust maintain the following records:a.Initial loan application,signed anddated by the loan officer;b.Contract or agreement between thebroker and the borrower;c.Initial and subsequent Good FaithEstimate(s)provided by the broker;d.Required Provider Li

34、st;e.Credit report,if obtained;f.Verification of borrower income andemployment as required by the initial lender;g.Required early Truth in Lending Actdisclosure;h.EarlyTruthinLendingActdisclosure provided but not required;i.Allwrittenandelectroniccorrespondence,including fax transmissions,between th

35、e broker and the lender;j.HUD-1 or HUD 1A SettlementStatement signed by borrower(s)and initiallender or settlement agent,if applicable;k.Affiliated Business ArrangementDisclosure Statements provided to the borrower;l.ServicingTransferDisclosurestatement;m.RighttoReceiveAppraisalDisclosure,if applica

36、ble;n.Right of Rescission Notice,ifapplicable;o.Tangible Net Benefit Worksheet,ifapplicable;p.Appraisal(s)f the property obtainedby the broker;q.A written justification for using anon-local appraiser,if applicable;r.Any commitment or rate lock-inagreements,if applicable;s.Copies of all notes or elec

37、troniccorrespondence,includingfaxtransmissionswith borrowers,third party settlement serviceproviders including appraisers,title agents andcredit reporting agencies;t.A record of all cash,checks,or othermonetary instruments received in connectionwith a loan application showing the identity ofthe payo

38、r,the date received,the amount,andpurpose;u.A record of all monies disbursedrelating to the licensees business as a mortgagebroker including,but not limited to,refunds toborrowers and all disbursements of funds onbehalf of borrowers,showing at least the payee,amount,date,and purpose of payment,inclu

39、dingidentification of the loan to which the paymentrelates,if any;v.Copies of all written complaintsreceived from customers and written records ofthe disposition of those complaints;w.A general ledger and subsidiaryrecordssufficienttoproduceanaccuratestatement of assets and liabilities and profit an

40、dloss statement on a monthly basis;x.A record of all charges or feesassessed to the borrowers account reflecting theamount of the charge or fee,the purpose,and thedate imposed;y.Copies of all rate sheets used onspecific dates and times for the prior three-yearperiod;and4106CSR5106CSR5z.Copies of any

41、 written assessments oftheborrowersabilitytorepaytheloanaccording to its terms,if applicable.6.2.All records required to be maintainedby section 6.1 shall be kept in the specific loanfile relating to the individual borrower or loanapplicant except for those records listed insubsections 6.1.t,6.1.u,6

42、.1.v,6.1.w and 6.1.y.106-5-7.Form and Location of Records.106-5-7.Form and Location of Records.7.1 All records that licensees must maintainunder this rule or W.Va.Code 31-17-1,et seq.may be maintained in the form of magnetic tape,magnetic disk or other form of computer,electronic or microfilm media

43、available forexamination on the basis of computer printedreproduction,video display or other mediumthat is readily convertible by the licensee intolegible,tangible documents as required by theCommissioner.7.2 All records that licensees must maintainunder this rule or W.Va.Code 31-17-1,et seq.shall b

44、e secured against unauthorized access ordamage in a licensed location.However,if alicensee maintains a centralized out-of-statestorage facility for such records from multiplestates,it shall request the Commissioner toapprove its storage of such records in that out-of-state location.The Commissioner

45、shall grantapproval provided that:a.The Commissioner determines thatthe proposed storage will ensure that the recordsare secured against unauthorized access ordamage;andb.The licensee agrees,in writing,tomake available at its expense for inspection andcopying upon request of the Commissioner orhis o

46、r her designees copies of all requestedrecordsinaformwhichsatisfiestherequirements of subsection 1 of this section.7.3.AlicenseeshallnotifytheCommissioner promptly of any proposed changein the location of its books and records.106-5-8.Advertising.106-5-8.Advertising.8.1.Every licensed lender and bro

47、ker shallmaintain and keep available for inspection byrepresentatives of the West Virginia Division ofBanking one copy of all advertising materialused during the prior three years.8.2.If the advertising media is a radio ortelevision broadcast,then a licensee may complywith this requirement by mainta

48、ining a copy ofthe transcript of the advertising.106-5-9.Use of Non-local Appraisers.106-5-9.Use of Non-local Appraisers.9.1.If a licensed broker or lender employsan appraiser whose main office is more thanseventy-five miles from the property to beappraised,that lender or broker must document,in wri

49、ting and maintain in accordance with theprovisions of subsections 3.1.w.or 6.1.q.of thisrule,the reason(s)why such an appraiser wasused instead of an appraiser with a main officecloser to the property being appraised.106-5-10.Improper Influence of Appraisers.106-5-10.Improper Influence of Appraisers

50、.10.1.Any threat,oral or written,direct orimplied,by a lender or broker to withholdpayment of an appraisers fee constitutes anattempt to coerce or intimidate an appraiser forthepurposeofinfluencinghisorherindependent judgment in violation of W.Va.Code 31-17-8(m)(2).10.2.Any threat,oral or written,di