9 Hours of 2024 West Virginia MLO Continuing Education

​​​​​​​The West Virginia Division of Financial Institutions (WVDFI) requires mortgage licensees in this state to take a two-hour course on West Virginia mortgage lending rules as part of the licensees' annual continuing education requirement for license renewal. This course covers topics relating to West Virginia mortgage regulations.

This five-module course will begin with an overview of the WVDFI and its Board of Banking and Financial Institutions. We'll then cover mortgage disclosure and advertising rules, conditions and limitations on certain mortgage transactions, and regulations relating to residential mortgage loans. Finally we'll review licensing requirements and prohibited conduct.

Topics and Learning Objectives

This course is broken down into several learning topics. At the end of the course a 15-question final exam will be given. The topics included in this course are:

1. The Division of Financial Institutions
2. Disclosures and Advertising
3. Conditions and Limitations for Certain Mortgage Transactions
4. Residential Mortgage Loans
5. License Maintenance and Renewal
6. Final exam

Total study time: 2 credit hours (100 minutes)

This course will prepare West Virginia DOFI-licensees to:

• Describe the purpose of the West Virginia Division of Financial Institutions (WVDFI)
• Identify the powers of the Board of Banking and Financial Institutions
• Describe the Tangible Net Benefit requirements and demonstrate proper completion of the WV statutorily required form.
• Discuss the records that must be maintained per CSR 106-5.
• Illustrate the requirement that an MLOs NMLS unique identifier is displayed on all advertising, including social media.
• 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).
• 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.
• Outline the requirements for Lender licensing and Broker licensing under the act
• Recognize the reasons in which the Commissioner of Financial Institutions may deny, revoke, or suspend an issued license
• Describe the registration, education, and testing requirements for mortgage loan originator applicants
• Review the supervisory powers the Commissioner has over its licensees

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.
• 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.

​​​​​​​This course will instruct mortgage loan originators on a number of regulations that they will have to comply with while taking part in their mortgage loan origination activities. Rules, such as those implemented by the Dodd-Frank Wall Street Reform and Consumer Protection Act, are set in place to protect the interest and well-being of consumers who apply for mortgages to purchase or refinance their properties. To ensure that their business practices satisfy the regulations adopted by federal laws, mortgage loan originators need to keep current on the guidelines published by entities such as the Consumer Financial Protection Bureau (CFPB).

Topics and Learning Objectives

This course consists of four sections and a final exam

1. Top 10 Federal Topics for 2024

2. Ethical Mortgage Advertisement Practices

3. The Fannie Mae HomeStyle® Renovation Loan

4. Final exam

Total study time: 7 credit hours (5 hours, 30 minutes)

Module 1: Top 10 Federal Topics for 2024

Study Time: 3 clock hours (150 minutes of federal law)

air lending along with compliance to the law, established rules, and implemented regulations is everyone’s responsibility. When compliance failures occur, everyone, including the customer, loses.

The topics outlined in this module are mandated by the NMLS and state regulators, covering the more egregious regulatory compliance failures recently discovered through various regulatory examinations, investigations, and audits.

Module 2: Ethical Mortgage Advertisement Practices

Study Time: 2 clock hours (100 minutes of ethics, fraud, and consumer protection)

Most, if not all of the regulations for the mortgage and banking industry are implemented to protect the consumer. That is what this module is about - consumer protection in advertising. Throughout this module, we hope to provide you a better understanding of the laws designed to protect consumers from untruthful mortgage advertising and understanding what you can and cannot do when advertising your loan products. Your proper understanding of these rules is vital when dealing with the public and promoting your services.

Module 3: The Fannie Mae HomeStyle Renovation Loan

Study Time: 2 clock hours (100 minutes of non-traditional mortgage)

In this next section, we will explore property rehabilitation loan products. Over the years, most of us have become familiar with the FHA 203(k) Rehab Loan. It was the loan program that many mortgage loan originators turned to when they needed a rehab loan program for their borrower client.

Today, there are other options available when it comes to rehabilitating a home for purchase and refinance that may more perfectly fit the rehab loan needs of the borrower. This module will introduce you to one such program: the Fannie Mae HomeStyle Rehab loan program. We'll explain the details of this program and compare it to the traditional 203(k) rehab loan.

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.
• 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