North Carolina § 45-101 - Definitions.

§ 45-101. Definitions.

The following definitions apply throughout this Article: Act as a mortgage servicer. - To engage, whether for compensation or gain from another or on its own behalf, in the business of receiving any scheduled periodic payments from a borrower pursuant to the terms of any mortgage loan, including amounts for escrow accounts, and making the payments of principal and interest and such other payments with respect to the amounts received from the borrower as may be required pursuant to the mortgage loan, the mortgage servicing loan documents, or servicing contract. Repealed by Session Laws 2010-168, s. 1, effective November 1, 2010. Home loan. - A loan that has all of the following characteristics: The loan is not (i) an equity line of credit as defined in G.S. 24-9, (ii) a construction loan as defined in G.S. 24-10, (iii) a reverse mortgage transaction, or (iv) a bridge loan with a term of 12 months or less, such as a loan to purchase a new dwelling where the borrower plans to sell a current dwelling within 12 months. The borrower is a natural person. The debt is incurred by the borrower primarily for personal, family, or household purposes. The principal amount of the loan does not exceed the conforming loan size limit for a single-family dwelling as established from time to time by Fannie Mae. The loan is secured by (i) a security interest in a manufactured home, as defined in G.S. 143-145, in the State which is or will be occupied by the borrower as the borrower's principal dwelling, (ii) a mortgage or deed of trust on real property in the State upon which there is located an existing structure designed principally for occupancy of from one to four families that is or will be occupied by the borrower as the borrower's principal dwelling, or (iii) a mortgage or deed of trust on real property in the State upon which there is to be constructed using the loan proceeds a structure or structures designed principally for occupancy of from one to four families which, when completed, will be occupied by the borrower as the borrower's principal dwelling. A purpose of the loan is to (i) purchase the dwelling, (ii) construct, repair, rehabilitate, remodel, or improve the dwelling or the real property on which it is located, (iii) satisfy and replace an existing obligation secured by the same real property, or (iv) consolidate existing consumer debts into a new home loan. Housing Finance Agency. - The North Carolina Housing Finance Agency. Mortgage lender. - A person engaged in the business of making mortgage loans for compensation or gain. Mortgage servicer. - A person who directly or indirectly acts as a mortgage servicer as that term is defined in subdivision (1) of this section or who otherwise meets the definition of the term "servicer" in the Real Estate Settlement Procedures Act, 12 U.S.C. § 2605(i), with respect to mortgage loans. Repealed by Session Laws 2010-168, s. 1, effective November 1, 2010. Repealed by Session Laws 2010-168, s. 1, effective November 1, 2010. History (2008-226, s. 1; 2009-457, s. 3; 2010-168, ss. 1, 9; 2011-288, s. 1; 2012-79, s. 2.17(g).) Editor's Note. - Subdivision (1c) was originally enacted as subdivision (3b) by Session Laws 2011-288, s. 1. It has been renumbered as subdivision (1c) at the direction of the Revisor of Statutes in order to maintain alphabetical order. Session Laws 2008-226, s. 6, as amended by Session Laws 2010-168, s. 9, and Session Laws 2012-79, s. 2.17(g), made this section effective November 1, 2008. Session Laws 2012-79, s. 2.17(g), deleted the sunset provision and thus this Article will not expire May 31, 2013. Effect of Amendments. - Session Laws 2009-457, s. 3, effective October 1, 2009, added subdivisions (1a), (1b), and (3a); and in subdivision (4), substituted "meets" for "would meet" and "this Article" for "G.S. 24-1.1F(a)(7), if that section had been in effect when the loan was originated." Session Laws 2010-168, s. 1, effective November 1, 2010, deleted subdivisions (1a), (3a), and (4), which were the definitions for "annual percentage rate," "rate spread home loan," and "subprime loan," respectively. Session Laws 2011-288, s. 1, effective July 1, 2011, added subdivision (1c).