A North Carolina serviced loan is paid off and released in 2026. What records of this final disposition must the servicer retain?
Correct Answer
A) Keep records of the final disposition including the release document
The servicing file shall contain records regarding the final disposition of the loan including a copy of any collateral release document, records of servicing transfers, charge-off information, or real estate owned disposition. Other choices: payoff is one of the dispositions the item covers; no request is needed; and foreclosure is only one of the listed outcomes. Source: 04 NCAC 03M .0501(e)(10)
Why This Is the Correct Answer
The servicing file shall contain records regarding the final disposition of the loan including a copy of any collateral release document, records of servicing transfers, charge-off information, or real estate owned disposition. Other choices: payoff is one of the dispositions the item covers; no request is needed; and foreclosure is only one of the listed outcomes. Source: 04 NCAC 03M .0501(e)(10)
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