State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-244_109

§ 53‑244.109.  Mortgagebroker duties.

Any mortgage broker engaged inthe mortgage business as defined by G.S. 53‑244.030(11)a., in addition toduties imposed by other statutes or at common law, shall do all of thefollowing:

(1)        Safeguard andaccount for any money handled for the borrower.

(2)        Follow reasonableand lawful instructions from the borrower.

(3)        Act with reasonableskill, care, and diligence.

(4)        Make reasonableefforts to secure a loan that is reasonably advantageous to the borrowerconsidering all the circumstances, including the rates, charges, and repaymentterms of the loan.

(5)        Timely and clearlydisclose to the borrower material information that may be expected to influencethe borrower's decision and is reasonably accessible to the mortgage broker,including the total compensation the mortgage broker expects to receive fromany and all sources in connection with each loan option presented to theborrower.

(6)        Notify beforeclosing each lender of the particulars of each of the other lender's loans ifthe mortgage broker knows that more than one mortgage loan will be made bydifferent lenders contemporaneously to a borrower.

(7)        Ensure that anyservices offered to any applicant shall be available and offered to allsimilarly situated applicants on an equal basis.

(8)        In transactionswhere the mortgage broker has the ability to make credit decisions, usereasonable means to provide the borrower with prompt credit decisions on itsloan applications and, where the credit is denied, to comply fully with thenotification requirements of applicable State and federal law.

(9)        Ensure thatadvertising materials are designed to make customers and potential customersaware that the mortgage broker does not discriminate on any prohibited basis.

(10)      Represent theborrower's best interest in the course of brokering a mortgage loan.

(11)      Have a duty ofloyalty to the borrower, which shall include a duty not to compromise aborrower's right or interest in favor of another's right or interest, includinga right or interest of the mortgage broker.  (2009‑374, s. 2.)

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-244_109

§ 53‑244.109.  Mortgagebroker duties.

Any mortgage broker engaged inthe mortgage business as defined by G.S. 53‑244.030(11)a., in addition toduties imposed by other statutes or at common law, shall do all of thefollowing:

(1)        Safeguard andaccount for any money handled for the borrower.

(2)        Follow reasonableand lawful instructions from the borrower.

(3)        Act with reasonableskill, care, and diligence.

(4)        Make reasonableefforts to secure a loan that is reasonably advantageous to the borrowerconsidering all the circumstances, including the rates, charges, and repaymentterms of the loan.

(5)        Timely and clearlydisclose to the borrower material information that may be expected to influencethe borrower's decision and is reasonably accessible to the mortgage broker,including the total compensation the mortgage broker expects to receive fromany and all sources in connection with each loan option presented to theborrower.

(6)        Notify beforeclosing each lender of the particulars of each of the other lender's loans ifthe mortgage broker knows that more than one mortgage loan will be made bydifferent lenders contemporaneously to a borrower.

(7)        Ensure that anyservices offered to any applicant shall be available and offered to allsimilarly situated applicants on an equal basis.

(8)        In transactionswhere the mortgage broker has the ability to make credit decisions, usereasonable means to provide the borrower with prompt credit decisions on itsloan applications and, where the credit is denied, to comply fully with thenotification requirements of applicable State and federal law.

(9)        Ensure thatadvertising materials are designed to make customers and potential customersaware that the mortgage broker does not discriminate on any prohibited basis.

(10)      Represent theborrower's best interest in the course of brokering a mortgage loan.

(11)      Have a duty ofloyalty to the borrower, which shall include a duty not to compromise aborrower's right or interest in favor of another's right or interest, includinga right or interest of the mortgage broker.  (2009‑374, s. 2.)


State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-244_109

§ 53‑244.109.  Mortgagebroker duties.

Any mortgage broker engaged inthe mortgage business as defined by G.S. 53‑244.030(11)a., in addition toduties imposed by other statutes or at common law, shall do all of thefollowing:

(1)        Safeguard andaccount for any money handled for the borrower.

(2)        Follow reasonableand lawful instructions from the borrower.

(3)        Act with reasonableskill, care, and diligence.

(4)        Make reasonableefforts to secure a loan that is reasonably advantageous to the borrowerconsidering all the circumstances, including the rates, charges, and repaymentterms of the loan.

(5)        Timely and clearlydisclose to the borrower material information that may be expected to influencethe borrower's decision and is reasonably accessible to the mortgage broker,including the total compensation the mortgage broker expects to receive fromany and all sources in connection with each loan option presented to theborrower.

(6)        Notify beforeclosing each lender of the particulars of each of the other lender's loans ifthe mortgage broker knows that more than one mortgage loan will be made bydifferent lenders contemporaneously to a borrower.

(7)        Ensure that anyservices offered to any applicant shall be available and offered to allsimilarly situated applicants on an equal basis.

(8)        In transactionswhere the mortgage broker has the ability to make credit decisions, usereasonable means to provide the borrower with prompt credit decisions on itsloan applications and, where the credit is denied, to comply fully with thenotification requirements of applicable State and federal law.

(9)        Ensure thatadvertising materials are designed to make customers and potential customersaware that the mortgage broker does not discriminate on any prohibited basis.

(10)      Represent theborrower's best interest in the course of brokering a mortgage loan.

(11)      Have a duty ofloyalty to the borrower, which shall include a duty not to compromise aborrower's right or interest in favor of another's right or interest, includinga right or interest of the mortgage broker.  (2009‑374, s. 2.)