A North Carolina 2026 incentive pays discount points and the file holds the disclosure. Which additional rate-related documents must the loan file contain?
Correct Answer
A) Incomplete: the rate sheet and the signed lock-in must also be in the file
Where the discount is used for bona fide discount points, the individual loan file shall contain the separate disclosure, the rate sheet used to inform the borrower of the available interest rate, and the signed lock-in agreement demonstrating the below-market rate chosen by the borrower. Other choices: three documents are required; no point threshold appears; and the final rate alone does not show the comparison. Source: 04 NCAC 03M .0602(b)
Why This Is the Correct Answer
Where the discount is used for bona fide discount points, the individual loan file shall contain the separate disclosure, the rate sheet used to inform the borrower of the available interest rate, and the signed lock-in agreement demonstrating the below-market rate chosen by the borrower. Other choices: three documents are required; no point threshold appears; and the final rate alone does not show the comparison. Source: 04 NCAC 03M .0602(b)
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