West Virginia Mortgage Law Practice Test

Under West Virginia law, a mortgage broker must maintain loan records for at least how long after the loan is made or denied?

1. 18 months

2. 36 months

3. 48 months

4. 60 months

The correct answer is: 18 months

The correct answer is that a mortgage broker in West Virginia must maintain loan records for at least 36 months after the loan is made or denied. This duration ensures that adequate documentation is preserved for regulatory review and compliance with state laws. Maintaining loan records for this designated period enables the broker to respond to any inquiries or audits by regulatory authorities effectively. It also provides a safeguard for consumers by allowing them to access important information regarding their loan applications if necessary. Records may need to include details about the application, underwriting decisions, and communications with the borrower, which are crucial for addressing any disputes or issues that may arise after a loan is processed or denied.