West Virginia Code 31-17A-8 – Standards for license renewal
(a) The minimum standards for license renewal for mortgage loan originators shall include the following:
Terms Used In West Virginia Code 31-17A-8
- Commissioner: means the Commissioner of Financial Institutions of this state. See West Virginia Code 31-17A-2
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Mortgage loan originator: means an individual who for compensation or gain or in the expectation of compensation or gain takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan and is sponsored by a mortgage lender, broker, or regulated consumer lender licensed by the Division of Financial Institutions. See West Virginia Code 31-17A-2
(1) The mortgage loan originator continues to meet the minimum standards for license issuance under section five of this article;
(2) The mortgage loan originator has satisfied the annual continuing education requirements described in section nine of this article; and
(3) The mortgage loan originator has paid all required fees for renewal of the license.
(b) The license of a mortgage loan originator failing to satisfy the minimum standards for license renewal shall expire. The commissioner may adopt procedures for the reinstatement of expired licenses consistent with the standards established by the Nationwide Mortgage Licensing System and Registry.