West Virginia SAFE 4 Hour | NMLS License

This year Knowledge Coop will walk you through an overview of NMLS-approved topics but, of course, we take a fresh and investigative approach to the information.

In this class you will learn about:

• Describe the Tangible Net Benefit requirements and demonstrate proper completion of the WV statutorily required form.

• Know the late payment penalty maximum charge of $30.00 and describe the requirement that this be disclosed correctly on all loan disclosures.

• Explain the loan-to-value limitation of 100%, unless program is specifically exempted by statute.

• Know that no application fees may be collected. Explain that third party pass through fees may be collected for the actual amount of the service provided.

• Recite fee limitations.

• Explain that no instrument evidencing or securing a primary or subordinate loan may contain a requirement that the final installment be greater than any other installment (balloon).

• Discuss the records that must be maintained per 106CSR5 of the Legislative Rules.

• Illustrate the requirement that an MLOs NMLS unique identifier is displayed on all advertising, including social media.

• Explain the restriction on use of the term “banker”.

• Discuss the explanation and documentation required if a non-local appraiser (greater than 75 miles) is used.

• Examine the determination of ability to repay (or exemption from the requirement). If debt-to-income ratio exceeds 50%, a written assessment containing certain information must be signed by the lender or lender’s representative and the borrower.

• Describe the requirements regarding the good funds settlement act.