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.
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