The Administrative Code seems to require all mortgage loan files to be maintained within an office in the State of North Carolina. Is that a requirement?
Yes. However, Mortgage Lender and Mortgage Broker licensees may request approval to keep records outside the State, conditioned on the licensee’s agreement to produce timely upon request the records at its own expense. The NCCOB will generally approve requests by Mortgage Lender licensees who do not maintain an office in the State. Other requests will be considered on a case-by-case basis. The NCCOB also does not object to the temporary removal of a file outside the State to handle a collection, bankruptcy, estate, collateral security or other similar issue, although removal from the State to thwart the NCCOB’s effort to examine a file would be considered a violation of the rule. Q: I am a registered Mortgage Broker and will become licensed under the Act. Is it legally permissible for me to offer to pay a referral fee to a real estate agent who sells property and refers his buyer/client to me for a mortgage loan? A: No. If the real estate agent is not a licensed Mortgage Broker then th
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- The Administrative Code seems to require all mortgage loan files to be maintained within an office in the State of North Carolina. Is that a requirement?
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