{"data":{"id":"us-nc/n.c.-gen.-stat.-53-244.109","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 53-244.109","heading":"Mortgage broker and mortgage lender duties.","body":"Any mortgage broker or mortgage lender engaged in the mortgage business as defined by G.S. 53-244.030(11)a. or b., in addition to duties imposed by other statutes or at common law, shall do all of the following:\n(1)\tSafeguard and account for any money handled for the borrower.\n(2)\tFollow reasonable and lawful instructions from the borrower.\n(3)\tAct with reasonable skill, care, and diligence.\n(4)\tMake reasonable efforts to secure a loan that is reasonably advantageous to the borrower considering all the circumstances, including the rates, charges, and repayment terms of the loan.\n(5)\tWhen initial disclosures are made under RESPA, a mortgage broker shall clearly disclose to the borrower material information that may be expected to influence the borrower's decision and is reasonably accessible to the mortgage broker. This information includes the total compensation the mortgage broker expects to receive from any and all sources in connection with each loan option presented to the borrower that are reasonably known at that time. This subdivision applies to mortgage brokers only.\n(6)\tNotify before closing each lender of the particulars of each of the other lender's loans if the mortgage broker or mortgage lender knows that more than one mortgage loan will be made by different lenders contemporaneously to a borrower.\n(7)\tEnsure that any services offered to any applicant shall be available and offered to all similarly situated applicants on an equal basis.\n(8)\tUse reasonable means to provide the borrower with prompt credit decisions on the borrower's residential mortgage loan application and, where the credit is denied, to comply fully with the notification requirements of applicable State and federal law.\n(9)\tEnsure that advertising materials are designed to make customers and potential customers aware that the mortgage broker or mortgage lender does not discriminate on any prohibited basis.\n(10)\tRepresent the borrower's best interest in the course of brokering a residential mortgage loan.\n(11)\tIn the course of brokering a residential mortgage loan, have a duty of loyalty to the borrower that includes a duty not to compromise a borrower's right or interest in favor of another's right or interest, including a right or interest of the mortgage broker or mortgage lender. (2009-374, s. 2; 2025-43, s. 1.)","path":["Chapter 53. Regulation of Financial Services.","Article 19B. The Secure and Fair Enforcement Mortgage Licensing Act.","Part 1. Application, Licensing, Examination, and Enforcement."],"source_url":"https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_53/GS_53-244.109.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T18:05:12Z","sha256":"644c34403de3b7ac25a864be635aa3e4589101493731589a7681b9483863fbfa","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-53-244.108","next":"us-nc/n.c.-gen.-stat.-53-244.110"},"notice":"GroundRules: Original legal text. Not legal advice."}