West Virginia Mortgage Law Practice Test

All of the following are required to be licensed under WV law, except:

1. Mortgage brokers

2. A mortgage loan officer

3. A closing agent

4. A mortgage lender

The correct answer is: A closing agent

The correct answer is that a closing agent is not required to be licensed under West Virginia law. In West Virginia, while mortgage brokers, mortgage loan officers, and mortgage lenders must obtain licenses to operate legally, closing agents do not have such a requirement. Closing agents typically facilitate the final steps of real estate transactions, ensuring that all documents are properly executed and funds are distributed appropriately. Their role is often associated with the administrative and procedural aspects of closing the transaction rather than the lending process itself, which is why licensing is not mandated for them in the same way it is for those directly involved in the lending and brokerage of mortgages. Understanding the specific requirements for licensing in the mortgage industry is essential, especially to ensure compliance and uphold the standards set forth by state law.