A borrower in default responds to the servicer about possible resolution. What is the best conclusion under North Carolina MLO law or NCCOB guidance?
Correct Answer
C) NC servicers must file servicing fee schedules, file requested activity reports, and act in good faith to inform and negotiate with borrowers after delinquency or default.
NC servicers must file servicing fee schedules, file requested activity reports, and act in good faith to inform and negotiate with borrowers after delinquency or default. North Carolina servicers must file a current schedule of servicing-related costs and fees, file requested activity reports with the Commissioner, and act in good faith to inform and negotiate with borrowers after delinquency or default.
Why This Is the Correct Answer
NC servicers must file servicing fee schedules, file requested activity reports, and act in good faith to inform and negotiate with borrowers after delinquency or default. North Carolina servicers must file a current schedule of servicing-related costs and fees, file requested activity reports with the Commissioner, and act in good faith to inform and negotiate with borrowers after delinquency or default.
More UST Questions
A mortgage team is building a Texas procedure for sponsorship and employment status. Which statement matches the state requirement?
Before approving the regulator exam preparation, an Ohio audit analyst checks continuing education and renewal. Which conclusion is best supported?
A training quiz asks about Pennsylvania rules for pre-licensure education. Which option gives the correct rule?
A licensing analyst is validating a Pennsylvania mortgage policy for continuing education and renewal. Which statement is best?
A quality-control reviewer is updating New York procedures for NMLS filing review and flags continuing education and renewal. Which answer is accurate?
Before approving the MLO sponsorship update, a Texas licensing coordinator checks continuing education and renewal. Which conclusion is best supported?
A regulator-facing procedure for New Jersey operations addresses SAFE testing. Which answer reflects the requirement?
A file reviewer is checking whether a Pennsylvania process satisfies requirements for SAFE testing. Which statement is accurate?
For an Ohio advertising approval, an operations lead is training staff on continuing education and renewal. Which answer should be used?
An operations lead handling a Virginia loan-originator transfer needs the compliant answer for continuing education and renewal. What should the reviewer choose?
People Also Study
Federal Mortgage-Related Laws
24% of exam
General Mortgage Knowledge
20% of exam
Mortgage Loan Origination Activities
27% of exam
Ethics, Fraud & Consumer Protection
18% of exam
Related Study Resources
Previous Question
A licensing coordinator compares company policy with Alaska requirements during a state-law refresher. Which statement fits licensing and NMLS authority?
Next Question
A compliance manager is updating Texas procedures for NMLS filing review and flags continuing education and renewal. Which answer is accurate?