North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter M - MORTGAGE LENDING › Section .0400 - REPORTING AND NOTIFICATION REQUIREMENTS › Section 03M .0401 - REPORTING REQUIREMENTS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) No later than
				  90 days after the end of the calendar year, mortgage lenders, mortgage
				  servicers, and mortgage brokers shall file an annual report in the NMLS&R.
				  The annual report shall be supplemented with additional information about
				  operations, characteristics of loans made, or other similar composite data if
				  the Commissioner determines that this additional information is necessary to
				  safeguard the interests of the borrowing public. Mortgage brokers shall as a
				  part of the annual report provide certification from an insured depository
				  institution that the broker has for the year of the current annual report owned
				  and held on a continual basis cash or other liquid assets of at least ten
				  thousand dollars ($10,000) in a deposit account under the firm's name. Failure
				  to submit an annual report within 90 days after the end of the calendar year is
				  grounds for summary suspension pursuant to
				  G.S.
				  53-244.114.
(b) Mortgage lenders, mortgage servicers, and
				  mortgage brokers shall provide an audited statement of financial condition or a
				  certified statement of financial condition as required by
				  G.S.
				  53-244.104 within 90 days of the end of the
				  licensee's fiscal year. If not shown in the audited statement of financial
				  condition, mortgage lenders shall provide evidence of available warehouse lines
				  of credit or other funding facilities.
(c) Mortgage lenders and mortgage brokers
				  shall provide information on the characteristics of loan originations in an
				  electronic format prescribed by the Commissioner on a quarterly basis within 45
				  days after the close of the calendar quarter. Mortgage lenders shall provide:
(1) information sufficient to identify the
				  mortgage loan and the unique identifier of the mortgage loan originator,
				  mortgage broker (if applicable), and mortgage lender for the loan;
(2) information sufficient to enable a
				  computation of applicable loan terms in the Federal Truth in Lending
				  disclosures, including the annual percentage rate, finance charge, and a
				  schedule of payments, and any deviations between the final disclosures and the
				  most recent disclosures issued prior to the final disclosures;
(3) information included in the "Loan
				  Estimate" (LE) or "Good Faith Estimate" (GFE) disclosure required under the
				  Federal Real Estate Settlement Procedures Act including the rate, the date of
				  any interest rate lock, itemization of settlement charges, and all broker
				  compensation;
(4) information
				  included in the final Closing Disclosure or HUD-1 Settlement Statement, if
				  maintained by the mortgage lender in an electronic format;
(5) information related to the terms of the
				  loans, including adjustable rate loan features (including timing of
				  adjustments, indices used in setting rates, maximum and minimum adjustments,
				  and floors and ceilings of adjustments), the undiscounted interest rate (if
				  maintained by the mortgage lender in an electronic format), penalties for late
				  payments, and penalties for prepayment (including computation of the penalty
				  amount, duration of prepayment penalty, and the maximum amount of
				  penalty);
(6) information used in
				  underwriting, including the appraised value of the property, sales price of the
				  property (if a purchase loan), borrowers' income, monthly payment amount,
				  housing debt-to-income ratio, total debt-to-income ratio, and credit score(s)
				  of borrower(s); and
(7) information
				  included in a Loan Application Register for mortgage lenders required to submit
				  information pursuant to the Federal Home Mortgage Disclosure Act.
Mortgage brokers shall provide information identified in
					 this Paragraph unless such information is not prepared or known by the mortgage
					 broker and the mortgage broker does not have access to the information in an
					 electronic format.