A North Carolina 2026 file shows final disclosures differing from the ones issued before them. Must the quarterly loan data report differences between final disclosures and the most recent prior disclosures?
Correct Answer
A) The deviations must be reported in the quarterly data
The quarterly data must include information sufficient to enable computation of applicable truth in lending loan terms, including the annual percentage rate, finance charge and schedule of payments, and any deviations between the final disclosures and the most recent disclosures issued prior to the final disclosures. Other choices: the deviations are named expressly; no tolerance limit appears; and this is quarterly data. Source: 04 NCAC 03M .0401(c)(2)
Why This Is the Correct Answer
The quarterly data must include information sufficient to enable computation of applicable truth in lending loan terms, including the annual percentage rate, finance charge and schedule of payments, and any deviations between the final disclosures and the most recent disclosures issued prior to the final disclosures. Other choices: the deviations are named expressly; no tolerance limit appears; and this is quarterly data. Source: 04 NCAC 03M .0401(c)(2)
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