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North Carolina Declaratory Ruling 2008-01 Concerning HB 2188 and Seller-Paid Points

The North Carolina Commissioner of Banks recently issued Declaratory Ruling 2008-01 to address whether seller-paid points, fees, and insurance premiums are to be included when determining the points and fees threshold under North Carolina's High Cost Test.  The ruling concludes that seller-paid points and fees are generally excluded from the calculation of points and fees under the high-cost loan threshold; however, there are specific instances where seller-paid charges would be included in the points and fees calculation.  A copy of the declaratory ruling may be viewed here.

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