A North Carolina lender repurchases a 2026 loan because of a misstatement in the file. What reporting obligation does the repurchase trigger?
Correct Answer
B) Report the repurchase to the Commissioner within 30 days
Mortgage lenders and mortgage brokers shall report within 30 days any loan repurchased due to a misstatement of material borrower information made in connection with the mortgage lending process. Other choices: the repurchase is reportable in its own right; the period is 30 days; and it is not deferred to the annual report. Source: 04 NCAC 03M .0401(e)
Why This Is the Correct Answer
Mortgage lenders and mortgage brokers shall report within 30 days any loan repurchased due to a misstatement of material borrower information made in connection with the mortgage lending process. Other choices: the repurchase is reportable in its own right; the period is 30 days; and it is not deferred to the annual report. Source: 04 NCAC 03M .0401(e)
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