West Virginia Mortgage Law Practice Test

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The law that governs the actions of mortgage lenders, brokers, and servicers in West Virginia is the West Virginia:

  1. Consumer Credit Protection Act

  2. Fair Lending Practices Act

  3. Residential Mortgage Lender, Broker and Servicer Act

  4. Uniform Consumer Credit Code

The correct answer is: Consumer Credit Protection Act

The correct law that governs the actions of mortgage lenders, brokers, and servicers in West Virginia is the Residential Mortgage Lender, Broker and Servicer Act. This act is specifically designed to regulate the operations and conduct of those involved in the residential mortgage industry, ensuring they adhere to certain standards and practices that protect consumers. The Consumer Credit Protection Act pertains more broadly to consumer credit and financial transactions, whereas the Fair Lending Practices Act focuses on preventing discrimination in lending. The Uniform Consumer Credit Code is designed to standardize laws across states regarding consumer credit, but it does not specifically address the nuances of residential mortgage lending as comprehensively as the Residential Mortgage Lender, Broker and Servicer Act does. This distinction is crucial in understanding how mortgage transactions are regulated in West Virginia.

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