Date Requested:March 05, 2012
Time Requested:11:30 AM
Agency: Banking, Division of
CBD Number: Version: Bill Number: Resolution Number:
2012R2059 Comm. Sub. SB551
CBD Subject: MORTGAGE VALUE LIMITATION
FUND(S)
3041
Sources of Revenue
Special Fund
Legislation creates:
Neither Program nor Fund

Fiscal Note Summary

Effect this measure will have on costs and revenues of state government.

    This bill should have no impact on the costs or revenues of state government. It simply provides that for a limited 3-year period, the prohibition on non-depository mortgage lenders and brokers originating mortgage loan modifications or refinancings in excess of 100% loan to value would not apply if the modification or refinancing involves a federal or state program or occurs as the result of a litigation settlement.
    We do not believe there are any state programs at the present time that would be involved and the bill does not create any new state program to fund such loan refinancings or modifications.

Fiscal Note Detail
Over-all effect
Effect of Proposal Fiscal Year
2012
Increase/Decrease
(use"-")
2013
Increase/Decrease
(use"-")
Fiscal Year
(Upon Full
Implementation)
1. Estmated Total Cost 0 0 0
Personal Services 0 0 0
Current Expenses 0 0 0
Repairs and Alterations 0 0 0
Assets 0 0 0
Other 0 0 0
2. Estimated Total Revenues 0 0 0
3. Explanation of above estimates (including long-range effect):
    As noted above, there should be no impact on the costs and revenues of state governmnet in general or the Division of Banking in particular.


Memorandum
Person submitting Fiscal Note:
Robert Lamont
Email Address:
blamont@wvdob.org