West Virginia Mortgage Law Practice Test

Under the West Virginia Mortgage Law, which entity is responsible for overseeing mortgage brokers and lenders?

1. The Consumer Financial Protection Bureau

2. The Department of Financial Institutions

3. The Office of the Comptroller of the Currency

4. The State Banking Commissioner

The correct answer is: The Consumer Financial Protection Bureau

The correct response is that the Department of Financial Institutions is responsible for overseeing mortgage brokers and lenders in West Virginia. This entity is specifically tasked with regulating financial institutions, ensuring compliance with relevant laws, and protecting consumers within the state's financial system. The Consumer Financial Protection Bureau, while it plays a significant role at the federal level in regulating mortgage practices and protecting consumers across the United States, is not the primary authority for oversight specifically at the state level in West Virginia. Its focus is broader and encompasses various practices beyond just mortgage brokering and lending within individual states. The Office of the Comptroller of the Currency primarily regulates and supervises national banks and federal savings associations rather than the state-specific licensees like brokers and lenders. The State Banking Commissioner does hold an important position within the Department of Financial Institutions and has oversight responsibilities as well, but the overarching entity is the Department of Financial Institutions itself, which includes multiple roles and functions, including that of the Banking Commissioner. Thus, the Department of Financial Institutions is the more comprehensive answer for overseeing mortgage brokers and lenders.