24 NCAC 01D .0305. FORMS TO ACCOMPANY MORTGAGE LOANS APPROVED BY THE AGENCY

(a)  Mortgage Loan Documentation.  The mortgage loan note and Deed of Trust shall be executed on forms approved by the agency and the mortgage loan shall state that the mortgage loan is being made by the lender pursuant to the agency's single family mortgage purchase program.  FHLMC or FNMA loan package forms (other than note and Deed of Trust) are acceptable for agency use; they are to be conformed, where necessary as to names of parties.

(b)  At or prior to the delivery to the agency of mortgage loans purchased by the agency, the lender shall forward to the agency:

(1)           mortgage loan note;

(2)           deed of trust;

(3)           title insurance policy;

(4)           mortgagor's certification as to lower income status;

(5)           evidence of mortgage insurance consisting of:

(A)          Mortgage insurance certificate issued by qualified insurer, or

(B)          FHA mortgage insurance certificate showing FHA number for loan and applicable section of National Housing Act, or

(C)          VA guaranty certificate showing endorsement date;

(6)           deed of assignment of deed of trust;

(7)           mortgage loan origination documentation including:

(A)          mortgage loan application,

(B)          verification of mortgagor's employment,

(C)          verifications of mortgagor's deposits,

(D)          credit report,

(E)           appraisal report;

(8)           a photograph of the house;

(9)           such other documentation as shall be requested by the executive director.

 

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

Eff. May 28, 1976;

Amended Eff. March 22, 1979;

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