NORTH DAKOTA
GENERAL INFORMATION
1st Mortgage
ADDITIONAL LENDER FEES Allowed (ND Admin Code §13-05-01-01)
ADVERTISING False and misleading advertising is prohibited (ND Cent Code §51-12-08). APPRAISAL FEE Allowed (ND Admin Code §13-05-01-01)
BROKER FEES Allowed (ND Cent Code §13-04.1-09.1) CLOSING COST TO 3RD
PARTIES Allowed (ND Admin Code §13-05-01-01) CREDIT REPORT FEE Allowed (ND Admin Code §13-05-01-01)
DISCOUNT POINTS Not regulated
LATE CHARGE FEE $15 or 15% of the late payment, whichever is less. MAXIMUM APR Not Regulated
MAXIMUM INTEREST RATE Not Regulated
ORIGINATION No Maximum (ND Admin Code §13-05-01-01)
PREPAYMENT PENALTIES Allowed. However, statues state that any lien or mortgage upon property may
be satisfied by the mortgagor before the date of maturity by the payment or tender of the full amount which would be due on the maturity date.(ND Cent Code §35-01-24)
PROMISSORY NOTE Standard Fannie Mae/Freddie Mac state specific First Mortgage Note. REBATE OF UNEARNED
FINANCE CHARGES Not applicable
RECORD RETENTION Six years from the date of last entry on the record (ND Cent Code §13-04.1-07). SIGNATURES In the event a spouse is not going on the loan, that spouse would need to sign
the Mortgage, Notice of Right to Cancel, Section 32, and Truth in Lending disclosure because of automatic homestead rights that each spouse has. A Warranty Deed is not acceptable because it does not waive spousal
homestead rights.
NORTH DAKOTA
GENERAL PRACTICES
1st Mortgage
MARITAL DESIGNATION Not usually present on the Security Instrument.
NOTARY Ink stamp or Embosser. Must include notary’s name, “Notary Public” and "State
of North Dakota” must be surrounded by a boarder. Must print name, title and commission expiration date below notary’s signature.
PROPERTY TAX DUE DATES Payable in halves, due on March 15 and October 15. RIGHTS AND INTERESTS Homestead Rights
TYPE OF CONVEYANCE Warranty Deed TYPE OF ENCUMBRANCE Mortgage
NORTH DAKOTA
BROKER INFORMATION
1st Mortgage
ADVANCE FEES No money broker may take any type of fee in advance before the funding of
the loan, unless the money broker is licensed [ND Cent Code Section 13-04.1-09.1].
ADVERTISING Brokers subject to the Consumer Finance Act may not advertise, distribute,
display, televise, or broadcast any deceptive, false, or misleading statement regarding loan terms, rates, or conditions. [ND Cent Code 13-03.1-13]
BROKER FEES Allowed (ND Cent Code §13-04.1-09.1)
LATE CHARGE FEE $15 or 15% of the late payment, whichever is less.
PREPAYMENT PENALTIES Allowed. However, statues state that any lien or mortgage upon property may
be satisfied by the mortgagor before the date of maturity by the payment or tender of the full amount which would be due on the maturity date.(ND Cent Code §35-01-24)
RECORD RETENTION All licensed money brokers must maintain a record of all sums collected and of
all loans completed for six years from the date of the last entry on the record. [ND Cent Code 13-04.1-07.]
NORTH DAKOTA
GENERAL INFORMATION
2nd Mortgage
ADDITIONAL LENDER FEES Not regulated.
ADVERTISING Unlawful to falsely advertise, mislead or the use of untruthful advertising. APPRAISAL FEE Actual Cost (N.D. Admin Code §13-05-01-01)
BROKER FEES Allowed (N.D. Admin. Code §13-05-01-02) CLOSING COST TO 3RD
PARTIES Allowed (N.D. Admin Code §13-05-01-01) CREDIT REPORT FEE Actual Cost (N.D. Admin Code §13-05-01-01)
DISCOUNT POINTS Not regulated.
LATE CHARGE FEE 15% of payment or $15 whichever is less MAXIMUM APR Not regulated (N.D. Cent. Code §47-14-09) MAXIMUM INTEREST RATE Not regulated (N.D. Cent. Code §47-14-09)
ORIGINATION Allowed (N.D. Admin Code §13-05-01-01) PREPAYMENT PENALTIES Allowed [N.D. Admin. Code §13-05-01-04(2)(c)]
PROMISSORY NOTE Standard Fannie Mae/Freddie Mac state-specific Second Mortgage Note. REBATE OF UNEARNED
FINANCE CHARGES Not applicable.
RECORD RETENTION Six years from the date of last action taken.
SIGNATURES In the event a spouse is not going on the loan, that spouse would need to sign
the Mortgage, Notice of Right to Cancel, Section 32 and Truth in Lending Disclosure because of automatic homestead rights that each spouse has. A Warranty Deed is not acceptable because it does not waive spousal
homestead rights.
NORTH DAKOTA
GENERAL PRACTICES
2nd Mortgage
MARITAL DESIGNATION Not usually present on the Security Instrument.
NOTARY Ink stamp or Embosser. Must include notary’s name, “Notary Public” and "State
of North Dakota” must be surrounded by a boarder. Must print name, title and commission expiration date below notary’s signature.
PROPERTY TAX DUE DATES Payable in halves, due on March 15 and October 15. RIGHTS AND INTERESTS Homestead Rights
TYPE OF CONVEYANCE Warranty Deed TYPE OF ENCUMBRANCE Mortgage
NORTH DAKOTA
BROKER INFORMATION
2nd Mortgage
ADVANCE FEES No money broker may take any type of fee in advance before the funding of
the loan, unless the money broker is licensed [ND Cent Code Section 13-04.1-09.1].
ADVERTISING Brokers subject to the Consumer Finance Act may not advertise, distribute,
display, televise, or broadcast any deceptive, false, or misleading statement regarding loan terms, rates, or conditions. [ND Cent Code 13-03.1-13]
BROKER FEES Allowed (N.D. Admin. Code §13-05-01-02) LATE CHARGE FEE 15% of payment or $15 whichever is less
PREPAYMENT PENALTIES Allowed [N.D. Admin. Code §13-05-01-04(2)(c)]
RECORD RETENTION All licensed money brokers must maintain a record of all sums collected and of
all loans completed for six years from the date of the last entry on the record. [ND Cent Code 13-04.1-07.]
NORTH DAKOTA
EARLY DISCLOSURES
Lien Position Provider
COMMITMENTS Must be given on any loan in excess of $25,000.00
(ND Cent Code 9-06-04)(North Dakota Century Code Chapter 9)
Lender Specific No VMP Form
Both Lender
MONEY BROKER CONTRACT The broker must provide this disclosure. Must specify the
duties the broker will perform and the estimated fees to be paid (ND Admin Code §13-05-01-09).
CLICK HERE FOR SAMPLE.
Both Broker
MONEY BROKER LOAN
DISCLOSURE STATEMENT Written contract with the borrower disclosing the money brokers, commissions, fee, expiration date and costs to be paid if loan doesn’t close. Must be in plain English and present in meaningful order.
(ND Banking and Financial Institutions Admin Code 13-05-91-02)
CLICK HERE FOR SAMPLE.
Both Broker
TAX ESCROW NOTICE Lenders who maintain escrow accounts the Interest Notice
must be given if lender offers interest.
(ND Cent Code Sections 6-08-29 and 47-10.2.05)
Both Lender
VA LOAN DISCLOSURE Must be given at time of application, signed by borrower
and lender
(ND Cent Code 35-03-01.3)(ND Cent Code Title 35) CLICK HERE FOR SAMPLE.
Both Lender
