FISCAL NOTE
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
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 |
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