W. Va. Code R. § 106-19-2

Current through Register Vol. XLI, No. 49, December 6, 2024

Section 106-19-2 - Authorization to Make Reverse Mortgage Loans

2.1. Coverage. -- This rule govern the ability of banks, savings institutions, credit unions and their eligible licensed financial affiliates to make or participate in reverse mortgages pursuant to W. Va. Code '47-24-1 et seq., and in connection therewith, to compound interest.

2.2. Exclusions. This rule shall not apply to persons making reverse mortgage loans under a program authorized by and under the supervision of a federal governmental agency or federally sponsored mortgage enterprise (e.g., HUD or Fannie Mae) which has been certified by the Commissioner of Banking and otherwise meets the criteria set forth in W. Va. Code '47-24-8(c).