How much do mortgage brokers and lenders in West Virginia need to pay for each residential mortgage loan they originate or broker?

The correct answer is $10. In West Virginia, mortgage brokers and lenders are required to pay a fee of $10 for each residential mortgage loan they originate or broker. This fee is mandated by the West Virginia Division of Financial Institutions, serving as a means to fund the regulatory oversight of mortgage lending activities.

This small fee helps ensure compliance with state regulations and contributes to the overall integrity of the mortgage lending process. By keeping the fee relatively low, it promotes accessibility for brokers and lenders, which can ultimately aid consumers seeking mortgage loans. The amount reflects the state's intention to balance regulation with the need for a viable lending environment.

Understanding the significance of this fee is crucial for anyone in the mortgage industry in West Virginia, as it impacts how businesses operate and interact with clients.