This course is designed to prepare candidates to take the exam to become a state-licensed mortgage loan originator in West Virginia under the Division of Financial Institutions (DFI). This 4-hour course covers state-specific rules and regulations, and is required as part of the 24 hours of prelicensure education needed to become a West Virginia licensed mortgage loan originator.

Topics and Learning Objectives

This course consists of four modules and a final exam:

1. The DFI, Disclosures, and Advertising (53 minutes)

2. Conditions and Limitations for Certain Mortgage Transactions (38 minutes)

3. Residential Mortgage Loans (16 minutes)

4. Licensing (73 minutes)

5. Final Exam (20 minutes)

Total study time: 4 credit hours (200 minutes)

Module 1: The DFI, Disclosures, and Advertising

The West Virginia Division of Financial Institutions (DFI) is the agency responsible for the supervision of mortgage loan originators, brokers, and lenders in our state. In this module, we'll introduce you to the agency that will authorize you to transact mortgage loan origination activities. We'll also cover the records that licensees must maintain to ensure compliance with West Virginia lending laws, and explain the requirements for properly advertising mortgage products and services.

Module 2: Conditions and Limitations for Certain Mortgage Transactions

When practicing mortgage loan origination, there are many rules to follow that are design to protect West Virginia consumers. In this module, we will explore some of those limited practices. We'll first explore the restrictions given to loans that are being refinanced within 24 months of their origination date, the restrictions on fees being charged to loan applicants, identify limitations on certain words as defined by West Virginia law, and discover appraiser requirements and the rules for timely distribution of loan funds.

Module 3: Residential Mortgage Loans

While there are certain types of loan transactions that have specific consumer protection restrictions, there are also protections applicable to all loans made on West Virginia property. This module will explain the standard prohibited practices when originating any loan in our state.

Module 4: Licensing

The West Virginia Residential Mortgage Lender, Broker, and Servicer Act, codified as West Virginia Code 31-17, establishes the requirements and exemptions as for whom a license to operate as a West Virginia mortgage lender or broker is required. A companion legislation, the West Virginia SAFE Mortgage Licensing Act (WV Code 31A-17) defines the requirements and regulations for mortgage loan originator licensing. In this module, we'll explore the requirements for licensure under both acts.

NMLS ID Required

You must have an NMLS ID to receive credit for this course. You will need this number before you begin the course.

If you already have an NMLS ID, but don't remember what it is:

• Login into NMLS,
• Click on the Composite View tab, then
• Click View Individual on the sub-header row.
• The number that appears in parentheses after your name is your NMLS ID number.

If you do not have an NMLS ID and need to obtain one, use the instructions available in the NMLS Resource Center