What type of crime is indicated for violations of the Residential Mortgage Lender, Broker and Servicer Act?

Violations of the Residential Mortgage Lender, Broker and Servicer Act are classified as felonies. This classification underscores the seriousness of such violations, reflecting the potential impact on consumers and the integrity of the mortgage lending process. Felony status typically carries severe penalties, including substantial fines and imprisonment, which serves as a strong deterrent against unethical practices in the mortgage industry.

Understanding that violations of this act are treated as felonies emphasizes the legal framework governing mortgage origination and servicing in West Virginia and highlights the importance of compliance for mortgage professionals. This awareness is crucial for mortgage loan originators as it directly relates to their responsibilities and potential liabilities within their profession.