Finance
The NC Mortgage Lending Act regulates which entities in the mortgage industry?
AOnly national banks
BMortgage lenders, mortgage servicers, and mortgage brokers conducting business in NC✓ Correct
COnly credit unions
DOnly the secondary market
Explanation
The NC Mortgage Lending Act (administered by NCCOB) regulates all mortgage lenders, mortgage servicers, and mortgage brokers operating in North Carolina, requiring licensing and compliance with state standards.
Related North Carolina Finance Questions
- Which federal act requires lenders to provide borrowers with a Good Faith Estimate and Truth-in-Lending disclosure for mortgage loans (pre-TRID, still relevant for HELOC and reverse mortgages)?
- Private Mortgage Insurance (PMI) is typically required on conventional loans when the LTV exceeds:
- Under the Home Equity Loan Consumer Protection Act, homeowners have a right of rescission for how many business days after signing a home equity loan?
- Which statement about the Closing Disclosure is TRUE?
- A 'second mortgage' or 'junior lien' in NC is characterized by:
- A 'wraparound mortgage' in NC involves:
- The debt-to-income (DTI) ratio most commonly used by conventional lenders for total monthly obligations should generally not exceed:
- North Carolina is primarily a 'deed of trust' state rather than a 'mortgage' state. What is the key difference?
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