What is the name of the act that governs the actions of mortgage lenders, brokers, and servicers in West Virginia?

The correct answer is the Residential Mortgage Lender, Broker and Servicer Act. This act specifically governs the conduct of mortgage lenders, brokers, and servicers in West Virginia. It establishes the licensing requirements, sets forth expectations for ethical conduct, and outlines the regulatory framework to protect consumers in the mortgage process. This is critical for ensuring transparency and fairness in mortgage transactions, as it directly addresses the interactions and responsibilities of those involved in lending and servicing activities.

The other options refer to different regulatory frameworks or aspects of financial regulation within the state. For instance, the West Virginia Mortgage Lending Act, while related, may not encompass the full scope of responsibilities laid out in the residential mortgage context as thoroughly as the act in question. The West Virginia Financial Institutions Act primarily regulates financial institutions and does not specifically target mortgage lending operations. The West Virginia Real Estate Licensing Act pertains to real estate practices rather than explicitly focusing on mortgage lending activities. Understanding these distinctions is essential for navigating the regulatory environment concerning mortgage practices in West Virginia.