W. Va. Code R. § 106-5-12

Current through Register Vol. XLI, No. 45, November 8, 2024

Section 106-5-12 - Notice of Changes in Loans That are in Process

12.1. If a lender or broker determines that a borrower does not qualify for the loan amount, terms, or program for which he or she applied and that another loan product is available that would materially differ from the terms requested by the borrower(s) in the initial application, the lender or broker shall decline the loan initially requested, providing the proper notice and disclosure, and then offer new terms and disclosures related to the alternative loan product.