Be About Your NC Notary News

  Critical Information on the Closing Disclosure and Federal Waiting Period The information below is essential for all parties involved in a mortgage closing— borrowers , lenders , notaries , and signing services —to ensure compliance with federal law and protect consumer rights. The Three-Business-Day Rule and Federal Law Federal regulations under the TILA-RESPA Integrated Disclosure (TRID) Rule strictly mandate a three-business-day waiting period between a borrower's receipt of the final Closing Disclosure (CD) and the actual closing of the loan. Violation of Federal Law: A lender is violating federal law if they attempt to close a loan less than three business days after the CD was delivered to the borrower. Lender Penalties: Lenders that violate the TRID Rule face serious consequences, including penalties, fines, and legal action from regulatory bodies like the Consumer Financial Protection Bureau (CFPB). In some rare cases, the lender may even be forced to withdraw the...

  Big changes are here for North Carolina drivers! New laws, including Senate Bill 245 , aim to significantly reduce wait times and eliminate thousands of in-person visits to the Division of Motor Vehicles (DMV) offices across the state. The online renewal changes took effect in October and are already making an impact. Here are the key provisions you should know: 1. Easier Driver's License Renewals Online (S.B. 245) Standard Licenses: Residents with a standard (non-REAL ID) driver's license can now renew their license two consecutive times online . This extends the time before an in-person visit is required from 16 years to up to 24 years . REAL IDs & In-Person Photos: Even if you have a REAL ID, you can now renew your license online for a second consecutive time if you had a new photo taken during the previous in-person renewal. Federal law still requires a new photo every 16 years for REAL IDs, necessitating an in-person trip at that interval. State officials noted th...