Relating to loan form

SB 501 amends West Virginia law to clarify documentation requirements for mortgage lenders regarding loan fees and points. It requires lenders to document any "reasonable, tangible net benefit" to borrowers when charging origination fees during refinancing within 24 months, maintaining this on a commissioner-prescribed form. The bill also prohibits blank spaces in loan documents to be filled after closing and mandates lenders provide borrowers with copies of all signed documents at closing. This directly affects residential mortgage lenders and borrowers in West Virginia by increasing transparency around loan fees and closing processes.