Which fee is required by state law for each residential mortgage loan originated or brokered?

The fee required by state law for each residential mortgage loan originated or brokered in West Virginia is set at $10. This fee is established in accordance with the regulations governing mortgage lending in the state, ensuring that there is a standardized charge for processing residential mortgage loans.

Understanding this fee is crucial for mortgage loan originators, as it directly affects the cost structure for borrowers and needs to be clearly communicated to clients during the loan origination process. Compliance with state laws regarding fees is also essential to avoid penalties and maintain good standing within the industry. This required fee supports regulatory activities, providing necessary oversight and consumer protection within the mortgage lending landscape in West Virginia.

The incorrect choices represent higher amounts that do not reflect the established fee as mandated by state law, emphasizing the importance of being informed and accurate regarding applicable fees.