NC Law Flash Quiz

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MLA - Mortgage Lending Act (NC)
Chapter 24 - Limit Fees & Charges
NTG - Nontraditional Guidance
HB 2463 - Servicing

PLA - Predatory Lending Act
HB 817 - Fraud Act: Covered Loans
AR - Administrative Rules
HB 2623 - Foreclosure Reduction

1. Act that defines an exemption for education requirements for companies with a net worth of at least $100,000.

2. What chapter of the General Statutes defines the legal amount of interest allowed to be charged to the borrower?

3. The General Statute that sets $300,000.00 as the benchmark for an exemption.

4. The bill that protects persons who report fraud.

5. What Act enables any person who receives no more than 5 deeds of trust in one calendar year to be exempt from licensure?

6. The Act stating that when the loan is a high cost loan, points and fees cannot be financed into the loan.

7. The Act that defines the high cost thresholds.

8. Prohibits LOs from originating loans under $150,000 with a prepayment penalty.

9. Table funding is defined in what act?

10. NC law that prohibits flipping.

11. To misrepresent or conceal material facts likely to influence or induce an applicant is part of what act?

12. A single act is a Class H felony and a pattern of fraud is a Class E felony.

13. The Act that allows for prosecution if the accused party did the act with the intent to defraud.

14. Failing to pay for the appraisal.

15. The Act that requires disclosure of “Samples of Amortization.”

16. The Statute that limits charges on 2nd liens less than $25,000 to 2%.

17. Falsely certifying attendance at required education.

18. Allowable fees are defined.

19. The usury law.

20. A violation of what Act may be a Class 3 misdemeanor?

21. The miscellaneous fee of .25% or $150.00, which ever is greater.

22. The Act that includes funding fees and MIP in the points and fees.

23. Law that requires loan officers to attend 8 hours of continuing education annually.

24. Law that establishes a 5% cap on fees.

25. Prohibits LOs from originating loans when not employed by a licensed broker/banker.

26. The Emergency Act to reduce foreclosure.

27. The act requiring servicers to be licensed.

28. The rule that requires branch offices to be in a commercial space.

29. The act designed to ensure proper loan officer supervision and accountability.

30. A loan officer shall only be employed by one entity and their license is not active unless they are employed.

31. Financial Responsibility is defined here.

32. ALL licenses expire on December 31st.

33" size=20 onblur="validate(this, 'An expired license terminates that last day of February.

34. Act that requires a separate trust account for the handling of borrower’s funds.

35. Law that allows borrowers to recover interest and principal when a loan is deemed usurious.

36. Processing, administrative, underwriting and doc prep fees are considered junk fees.

37. Act that defines special rules for discount points.

38. Education provider rules are defined.

39. Annual and quarterly reporting by licensees are defined.

40. Guidance on disclosing interest only option ARMS.

41. Loan servicers are to refund erroneous force placed insurance premiums.

42. Act that allows a delay of foreclosure for an additional 30 days.

43. Servicers must respond to OCOB inquiries within 20 days of notice.