Which statement is most accurate about servicer baseline duties under North Carolina MLO law or NCCOB guidance?
Correct Answer
B) NC servicers must safeguard borrower funds, follow reasonable borrower instructions, act with reasonable skill, care, and diligence, file required reports, and comply with applicable federal servicing duties.
NC servicers must safeguard borrower funds, follow reasonable borrower instructions, act with reasonable skill, care, and diligence, file required reports, and comply with applicable federal servicing duties. North Carolina mortgage loan servicers must safeguard and account for borrower funds, follow reasonable borrower instructions, act with reasonable skill/care/diligence, file required reports, and comply with applicable federal laws.
Why This Is the Correct Answer
NC servicers must safeguard borrower funds, follow reasonable borrower instructions, act with reasonable skill, care, and diligence, file required reports, and comply with applicable federal servicing duties. North Carolina mortgage loan servicers must safeguard and account for borrower funds, follow reasonable borrower instructions, act with reasonable skill/care/diligence, file required reports, and comply with applicable federal laws.
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