04 NCAC 03K .0502          PERMITTED FEES

Prior to the closing of a reverse mortgage loan, the only charge a lender may collect from a borrower is an application fee which must be designated as such and which may not be a percentage of the principal amount of the loan or amount financed.  The fee shall be reasonable and related to the services to be performed.

 

History Note:        Authority G.S. 53-259; 53-270; 53-271(a);

Eff. January 1, 1995.