north carolina mortgage law: New NC Mortgage Broker Law - Bans YSP or not?
- 08/21/08 12:58 PM
Here is the new law http://www.ncleg.net/Sessions/2007/Bills/House/HTML/H2188v5.html SECTION 3. G.S. 53‑243.11 is amended by adding a new subdivision to read: "(16) In connection with the brokering or making of a rate‑spread home loan as defined under G.S. 24‑1.1F, no lender shall provide nor shall any broker receive any compensation that changes based on the terms of the loan. This subdivision shall not prohibit compensation based on the principal balance of the loan." SECTION 4. This act becomes effective October 1, 2008. I was wondering what this part means. Does it mean that we are not allowed to changed the YSP after we quoted it … (2 comments)
Here is the new law
;)
;)
