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17 Cards in this Set
- Front
- Back
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Attorneys in their normal course of business, individuals holding a mortgage on the home they are selling, depository institutions, employees of depository institutions, insurance companies, immediate family members, etc.
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The North Carolina Banking Commission.
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It is an APR that is 10% greater than the rate of comparable treasury bonds.
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As an individual/natural person that earns compensation by taking, accepting, soliciting, offering, or negotiating terms of a residential mortgage loan; issuing residential mortgage loan commitments, and giving interest rate guarantees.
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As an individual who has an employment relationship with a mortgage broker, mortgage lender, or mortgage servicer and is treated as a common law employee for purposes of compliance with the federal income tax laws and whose income is reported on IRS Form W 2.
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Call provisions, negative amortization, interest rate increase after default, lending without counseling, lending without regard to repayment, and financing of fees are a few prohibited acts.
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3 hours.
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3 years.
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Their net worth must be at least $500,000 and their surety bond must be at least $100,000.
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If the formerly licensed loan originator applicant has been unlicensed for 3 continuous years or longer.
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It must be completed within the 3 years immediately preceding the date of application.
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4 times the required amount.
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$250 for mortgage lenders, brokers, and servicers; and $100 for mortgage loan originators.
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The Commissioner must be notified 30 days prior to the change.
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No later than 90 days after the end of the calendar year.
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The applicant’s name, the date of application, the loan originator’s name, and the actual application.
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Only twice in a 24-month period.
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They are not allowed on residential mortgage loans that are less than $150,000, and rate spread home loans.
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Within 20 days.
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When there is a reduction in the borrower’s interest rate.
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The borrower must be 62 or older, complete counseling, and the loan must be made on their primary residence.
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As often as he/she deems necessary.
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The North Carolina Housing Finance Agency; a bank, savings institution, or credit union; and a lender authorized by the Commissioner.
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The counseling must be face to face unless the client is physically unable to attend (then it must be done by phone).
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No limit as long as the rate is agreed upon.
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The Attorney General.
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$1,000 per violation.
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A class 3 misdemeanor and/or a prison term of up to 2 years.
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The HUD-1 Settlement Statement, copy of the note, deed of trust, all agreements and contracts, and all disclosures.
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Within 3 days of the loan application and 3 days after closing the loan.
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At application for licensure, and every year for renewal of the license.
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November 1st – December 31st.
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Only 1 entity at a time.
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They can ask the appraiser to consider appropriate property information, to correct errors on the report, and to provide further detail for the value conclusion.
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