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SFAA Participates in Meeting on Amendments to North Carolina’s Mortgage Lender Act

Tuesday, March 25, 2014  
On March 13, 2014, the Commissioner of Banks hosted a meeting to have an open discussion on the amendments to the Mortgage Lender Act, with the focus on the audited financial statement requirements and surety bond requirements. Robert Duke, SFAA Corporate Counsel, emphasized the prequalification value of the bond and noted certain aspects of the bond that could be revised to enhance availability. Victoria Starace of Liberty SuretyFirst also was in attendance. There was agreement among all stakeholders (regulators, the mortgage industry, and consumer rights groups) that the bond had great value and should be retained.

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