Who is obligated to pay a fee for each loan they originate, make, or broker under West Virginia law?

In the context of West Virginia law, mortgage brokers and lenders are obligated to pay a fee for the loans they originate, make, or broker. This requirement is established to regulate the lending process and ensure that all parties involved in the loan origination are adhering to the financial responsibilities set forth by the state. By compelling mortgage brokers and lenders to pay such fees, the legislation aims to maintain transparency and accountability within the mortgage industry.

Realtors, appraisers, and borrowers do not have a similar obligation under these specific regulations regarding loan origination fees. Realtors primarily facilitate property transactions and may earn commissions based on sales, while appraisers provide property valuation services, typically charging fees for their assessments. Borrowers, on the other hand, are the consumers who receive loans and are subject to different fees, but they do not have the responsibility to pay fees related to the origination process itself. Thus, the focus on mortgage brokers and lenders in this instance highlights their role as key intermediaries in the loan process who bear the financial responsibilities associated with originating and processing loans.