West Virginia Mortgage Law Practice Test

Loan originator licenses must be renewed:

1. Annually

2. Bi-annually

3. Every six months

4. Every five years

The correct answer is: Annually

Loan originator licenses are required to be renewed annually in West Virginia. This means that individuals holding such licenses must complete the renewal process each year to maintain their ability to originate loans legally. This frequent renewal helps ensure that loan originators stay updated on any changes in laws, regulations, and best practices in the mortgage industry, thereby promoting a higher standard of professional competence and consumer protection. Renewing annually also aligns with the general practice in many states, where periodic renewal requirements aim to keep professionals engaged with ongoing education and compliance with new legislation affecting mortgage practices. This not only benefits the loan originators but also safeguards borrowers by ensuring that those servicing their loans are well-informed and adhering to current standards.