SUBCHAPTER 03K - REVERSE MORTGAGES

 

SECTION .0100 - ADMINISTRATIVE

 

04 NCAC 03K .0101          DEFINITIONS; FILINGS

(a)  As used in this Subchapter, unless the context clearly requires otherwise:

(1)           Terms defined in G.S. 53-257 shall have the same meaning as set forth therein;

(2)           "Accounting period" shall mean either a period of 12 months (or less in the first year of operation) ending December 31 or a fiscal year of not more than 12 months (or less in the first year of operation) ending on the last day of any month except December;

(3)           "Application fee" shall mean any fee accepted by an authorized lender or lenders in connection with an application for a reverse mortgage loan including any charge for soliciting, processing, placing or negotiating a reverse mortgage loan.  The term does not include a third-party fee as such term is defined in Subparagraph (a)(8) of this Rule;

(4)           "Certified Financial Statements" shall mean the Statement of Financial Position, Income Statement, Statement of Cash Flows, and Statement of Retained Earnings which have been attested by a certified public accountant;

(5)           "Person" shall mean an individual, corporation, partnership, trust, association, or other entity;

(6)           "Regulation Z" shall mean Regulation Z as promulgated by the Board of Governors of the Federal Reserve System and codified at 12 CFR Part 226, et seq.;

(7)           "RESPA" shall mean the Real Estate Settlement Procedures Act, codified at 12 USC 2601, et seq.;

(8)           "Third-Party fee" shall mean the fees or charges paid by the borrower for a mortgage loan to the lender for transmittal to third persons who provide services in connection with the mortgage loan, including, but not limited to, recording taxes and fees, reconveyance or releasing fees, appraisal fees, credit report fees, attorney's fees, fees for title reports and title searches, title insurance premiums, surveys and similar charges;

(9)           "Truth In Lending Act" shall mean Title I of the Consumer Credit Protection Act, as amended, and codified at 15 USC 1601, et seq..

(b)  Any application for authorization to make reverse mortgage loans, or any report, annual statement, amendment to application, notice or other document which is required by law or rule shall be filed with the Commissioner of Banks located at 316 West Edenton Street, Raleigh, North Carolina  27603.  The mailing address is 4309 Mail Service Center, Raleigh, North Carolina  27699-4309.

 

History Note:        Authority G.S. 53-257; 53-259; 53-271(a);

Eff. January 1, 1995;

Amended Eff. September 1, 2006.