24 NCAC 01D .0302. REINVESTMENT MORTGAGE INTEREST RATE

From time to time the board of directors shall establish the maximum interest yield at which lenders shall make the reinvestment mortgage loans mentioned in Rule .0301 of this Section to persons and families of lower income pursuant to the "Existing Mortgage Purchase Agreement" contract. The agency shall specify the permissible combination of discount points to be charged to the seller of the mortgaged premises and face mortgage loan interest rate which will result in such maximum yield.  The permissible combinations of discount points and interest rate may be modified by the agency from time to time, and any such modification shall be effective upon receipt by the lender of the agency's written notification thereof.

 

History Note:        Authority G.S. 122A‑5;

Eff. May 28, 1976;

Transferred from T15: 14 Eff. December 1, 1981.