What fee must mortgage brokers and lenders pay for each residential mortgage loan they originate or broker?

The fee that mortgage brokers and lenders must pay for each residential mortgage loan they originate or broker in West Virginia is indeed $5. This fee is mandated by state law and is intended to contribute to the regulatory framework overseeing mortgage lending practices. It ensures that there is funding available for the state to maintain oversight and enforcement of licensing and compliance.

Having a specific fee amount simplifies the process for mortgage brokers and lenders since it standardizes a cost that they can anticipate with each loan transaction. This fee is part of the broader regulatory landscape that aims to promote ethical practices in the mortgage industry and protect consumers from potential abuses.

This regulatory fee not only serves the administrative purpose of funding oversight but also underscores the importance of accountability in the mortgage origination process.