NORTH DAKOTA. GENERAL INFORMATION 1st Mortgage. Allowed (ND Admin Code )

Transcription

1

2 GENERAL INFORMATION 1st Mortgage ADDITIONAL LENDER FEES Allowed (ND Admin Code ) ADVERTISING False and misleading advertising is prohibited (ND Cent Code ). APPRAISAL FEE Allowed (ND Admin Code ) BROKER FEES Allowed (ND Cent Code ) CLOSING COST TO 3RD PARTIES Allowed (ND Admin Code ) CREDIT REPORT FEE Allowed (ND Admin Code ) DISCOUNT POINTS Not regulated LATE CHARGE FEE $15 or 15% of the late payment, whichever is less. MAXIMUM APR Not Regulated MAXIMUM INTEREST RATE Not Regulated ORIGINATION No Maximum (ND Admin Code ) PREPAYMENT PENALTIES Allowed. However, statues state that any lien or mortgage upon property may be satisfied by the mortgagor before the date of maturity by the payment or tender of the full amount which would be due on the maturity date.(nd Cent Code ) PROMISSORY NOTE Standard Fannie Mae/Freddie Mac state specific First Mortgage Note. REBATE OF UNEARNED FINANCE CHARGES Not applicable RECORD RETENTION Six years from the date of last entry on the record (ND Cent Code ). SIGNATURES In the event a spouse is not going on the loan, that spouse would need to sign the Mortgage, Notice of Right to Cancel, Section 32, and Truth in Lending disclosure because of automatic homestead rights that each spouse has. A Warranty Deed is not acceptable because it does not waive spousal homestead rights. WET SETTLEMENT Not applicable

3 GENERAL PRACTICES 1st Mortgage MARITAL DESIGNATION Not usually present on the Security Instrument. NOTARY Ink stamp or Embosser. Must include notary s name, Notary Public and "State of North Dakota must be surrounded by a boarder. Must print name, title and commission expiration date below notary s signature. PROPERTY TAX DUE DATES Payable in halves, due on March 15 and October 15. RIGHTS AND INTERESTS Homestead Rights TYPE OF CONVEYANCE Warranty Deed TYPE OF ENCUMBRANCE Mortgage

4 BROKER INFORMATION 1st Mortgage ADVANCE FEES No money broker may take any type of fee in advance before the funding of the loan, unless the money broker is licensed [ND Cent Code Section ]. ADVERTISING Brokers subject to the Consumer Finance Act may not advertise, distribute, display, televise, or broadcast any deceptive, false, or misleading statement regarding loan terms, rates, or conditions. [ND Cent Code ] BROKER FEES Allowed (ND Cent Code ) LATE CHARGE FEE $15 or 15% of the late payment, whichever is less. PREPAYMENT PENALTIES Allowed. However, statues state that any lien or mortgage upon property may be satisfied by the mortgagor before the date of maturity by the payment or tender of the full amount which would be due on the maturity date.(nd Cent Code ) RECORD RETENTION All licensed money brokers must maintain a record of all sums collected and of all loans completed for six years from the date of the last entry on the record. [ND Cent Code ]

5 GENERAL INFORMATION 2nd Mortgage ADDITIONAL LENDER FEES Not regulated. ADVERTISING Unlawful to falsely advertise, mislead or the use of untruthful advertising. APPRAISAL FEE Actual Cost (N.D. Admin Code ) BROKER FEES Allowed (N.D. Admin. Code ) CLOSING COST TO 3RD PARTIES Allowed (N.D. Admin Code ) CREDIT REPORT FEE Actual Cost (N.D. Admin Code ) DISCOUNT POINTS Not regulated. LATE CHARGE FEE 15% of payment or $15 whichever is less MAXIMUM APR Not regulated (N.D. Cent. Code ) MAXIMUM INTEREST RATE Not regulated (N.D. Cent. Code ) ORIGINATION Allowed (N.D. Admin Code ) PREPAYMENT PENALTIES Allowed [N.D. Admin. Code (2)(c)] PROMISSORY NOTE Standard Fannie Mae/Freddie Mac state-specific Second Mortgage Note. REBATE OF UNEARNED FINANCE CHARGES Not applicable. RECORD RETENTION Six years from the date of last action taken. SIGNATURES In the event a spouse is not going on the loan, that spouse would need to sign the Mortgage, Notice of Right to Cancel, Section 32 and Truth in Lending Disclosure because of automatic homestead rights that each spouse has. A Warranty Deed is not acceptable because it does not waive spousal homestead rights. WET SETTLEMENT Not applicable.

6 GENERAL PRACTICES 2nd Mortgage MARITAL DESIGNATION Not usually present on the Security Instrument. NOTARY Ink stamp or Embosser. Must include notary s name, Notary Public and "State of North Dakota must be surrounded by a boarder. Must print name, title and commission expiration date below notary s signature. PROPERTY TAX DUE DATES Payable in halves, due on March 15 and October 15. RIGHTS AND INTERESTS Homestead Rights TYPE OF CONVEYANCE Warranty Deed TYPE OF ENCUMBRANCE Mortgage

7 BROKER INFORMATION 2nd Mortgage ADVANCE FEES No money broker may take any type of fee in advance before the funding of the loan, unless the money broker is licensed [ND Cent Code Section ]. ADVERTISING Brokers subject to the Consumer Finance Act may not advertise, distribute, display, televise, or broadcast any deceptive, false, or misleading statement regarding loan terms, rates, or conditions. [ND Cent Code ] BROKER FEES Allowed (N.D. Admin. Code ) LATE CHARGE FEE 15% of payment or $15 whichever is less PREPAYMENT PENALTIES Allowed [N.D. Admin. Code (2)(c)] RECORD RETENTION All licensed money brokers must maintain a record of all sums collected and of all loans completed for six years from the date of the last entry on the record. [ND Cent Code ]

8 EARLY DISCLOSURES COMMITMENTS Must be given on any loan in excess of $25, (ND Cent Code )(North Dakota Century Code Chapter 9) Lender Specific No VMP Form MONEY BROKER CONTRACT The broker must provide this disclosure. Must specify the duties the broker will perform and the estimated fees to be paid (ND Admin Code ). CLICK HERE FOR SAMPLE. MONEY BROKER LOAN DISCLOSURE STATEMENT Written contract with the borrower disclosing the money brokers, commissions, fee, expiration date and costs to be paid if loan doesn t close. Must be in plain English and present in meaningful order. (ND Banking and Financial Institutions Admin Code ) CLICK HERE FOR SAMPLE. TAX ESCROW NOTICE Lenders who maintain escrow accounts the Interest Notice must be given if lender offers interest. (ND Cent Code Sections and ) VA LOAN DISCLOSURE Must be given at time of application, signed by borrower and lender (ND Cent Code )(ND Cent Code Title 35) CLICK HERE FOR SAMPLE. Provider Lender Broker Broker Lender Lender Lien Position