W. Va. Code R. § 106-5-14 - Payments to Unrelated Third Parties
14.1. Pursuant to W. Va. Code §
31-17-8(m)(4),
only payments of closing costs to unrelated third parties may not be included
in the overall cap on fees, compensation, yield spread premium or points that a
borrower is required to pay a licensee.
14.2. In order to qualify as an "unrelated
third party" the individual or entity providing services may not be an
"affiliated business arrangement" as that term is defined by the Real Estate
Settlement Procedures Act, 12 U.S.C. §2602, and attendant
regulations.
Notes
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