New Document: WV Supplemental Closing Statement (Cx19709)

“Any licensee [under the West Virginia Residential Mortgage Lender, Broker and Servicer Act] or person making on his or her own behalf, or as agent, broker or in other [sic] representative capacity on behalf of any other person, a primary or subordinate mortgage loan shall at the time of the closing furnish to the borrower a complete and itemized closing statement which shall show in detail:

1. The amount and date of the note or primary and subordinate mortgage loan contract and date of maturity;
2. The nature of the security;
3. The finance charge rate per annum and the itemized amount of finance charges and additional charges;
4. The principal and total of payments;
5. Disposition of the principal;
6. A description of the payment schedule;
7. The terms on which additional advances, if any, will be made;
8. The charge to be imposed for past-due installments;
9. A description and the cost of insurance required by the lender or purchased by the borrower in connection with the primary or subordinate mortgage loan;
10. The name and address of the borrower and of the lender; and
11. That the borrower may prepay the primary or subordinate mortgage loan, in whole or in part, on any installment date and that the borrower will receive a rebate in full for any unearned finance charge.

Such detailed closing statement shall be signed by the broker, lender or closing representative and a completed and signed copy thereof is retained by the broker or lender and made available at all reasonable times to the borrower, the borrower’s successor in interest to the residential property or the authorized agent of the borrower or the borrower’s successor, until the time as the indebtedness is satisfied in full. Providing a HUD 1 or HUD 1A settlement statement that provides the disclosures required by this subsection and the residential mortgage disclosures required by federal law is considered to meet the requirements of this subsection.

The commissioner may, from time to time, by rules prescribe additional information to be included in a closing statement.”