N.C. Gen. Stat. Ann. §24-10.1 restricts the amount of late charge that lenders can assess in a home loan transaction to 4% of the delinquent payment. In addition, Ibid. §24-11(d1) restricts late charges for open-end credit plans to $5 (for outstanding balances of less than $100) or $10 (for outstanding balances over $100).
However, Ibid. §24-9 exempts loans of these types from these restrictions, if the amount of the loan is $300,000 or more. To reflect this, DocuTech will be updating its software tonight (08/23/11) to restrict the percentage of late fees for loans of and over $300,000 to 5%, in conformance with FNMA guidelines.
DocuTech’s Late Fee Matrix and Table have been updated to reflect these changes, copies of which may be obtained by clicking below.