24 NCAC 01D .0303. SERVICING AGREEMENT

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The lender may agree to service any mortgage loans purchased by the agency pursuant to a "North Carolina Housing Finance Agency Servicing Agreement" to be entered into by the agency and the lender. Servicer shall agree to comply with all applicable laws and regulations and shall not be authorized to vary any terms of the note or Deed of Trust belonging to the agency. Servicer shall provide that improvements are insured and will diligently ascertain loss or damage. Servicer shall accept monthly payments, tax, and escrow payments and shall report to the agency on all mortgage loans being serviced. Servicer shall take all appropriate actions in case of default; and, if instituted, protect the premises pending foreclosure. The servicing agreement is not assignable without agency consent.

History Note: Authority G.S. 122A‑5;

Eff. May 28, 1976;

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

                    
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