North Carolina Adds 3 Consumer Protection Laws For Mortgage Borrowers
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Governor Easley sign 3 laws yesterday that provide more protection to mortgage borrowers in the state. The one law that makes a great deal of sense to me is that when a borrower makes a payment the dollars first go to the interest and principal payments, then the fees. The bad lenders will apply the first dollars to covering late fees and then keep the mortgage in a late stage causing the opportunity to add more late fees and increase the opportunity for a foreclosure.
The laws protect homebuyers from adjustable rate mortgages they can’t afford at the maximum rate, Easley said. They also require that mortgage payments go toward the mortgage, not hidden fees.
The new laws give Smith, the state banking commissioner, more power to void and nullify loans without going to court. They also give North Carolina power over out-of-state mortgage lenders who may buy a mortgage from another broker, Blue said.
Blue said the laws reverse two rulings by the state Supreme Court - including a decision that set strict time limits on how a borrower can challenge a usurious loan - and provide protections for consumers from mortgage companies that empty escrow accounts without paying insurance and taxes. via the Star-News
YES! YES! YES! 
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Comment by Adam Thompson on 21 January 2008:
Here is an email sent to me by a Re/Max Franchise owner. Not only could I not have a realtor working for me that writes with such horrible grammar…but for him to acknowledge that he is trying to “trap” consumers is rather bold. The text of the email is below:
why the RE/MAX web site is better.
From: XXXXXXX
Sent: Mon 1/21/08 1:59 PM
Ok here is why The RE/MAX web site is the very best on the Real Estate market. For any Real Estate agent who wants to make more money and drive more leads to their wallet.
1st the RE/MAX web site is the most heavily advertised web site on the TV and Radio because RE/MAX controls 52% of all Real Estate Ads.
When a customer goes to the RE/MAX.com web site and starts a property search they can see every listing in the entire MLS through IDX and for that matter the entire state has a RE/MAX agents face on it and their personal contact information. At the very bottom of the listing it will say IDX compliments of (other real estate office). 1st let me say that we are the only web site that does that. So let’s say you the hard working agent, but you only have 5 listings well at your office if you’re lucky your name and face are on those 5 listings. But at REMAX if lets say there are 3200 listings in our MLS. At RE/MAX right now we have 20 agents so divide 3200 listings by 20 agents and you face and name and contact info is on 160 listings plus the 5 that are really yours. To the average customer it looks like you have 160 listings plus the 5 that you do have. Now once they log onto the RE/MAX web site and request more information (now it traps them) every listing that they will ever look at in North or South Carolina has your Name, picture and contact info. “Forever! “ Now to the customer it looks like you have every listing every where.
So now “You’re the man! Or woman!”
Once the client registers on the web site it sends you an e-mail each time they look on the web site. So now you can call them and ask them how they are and do they need any help and when are they coming to our area to look and buy. Also you can see ever home that they ever looked at and how many times they have looked at them and which ones that they have saved as favorites.
You can set up and do a drip email; to all the clients that the web site has given you or if you choose to you can set them up by groups or just e-mail them directly.
The web site starts as a nation web site http://www.REMAX.com when they pick North Carolina then it goes to the state web site http://www.REMAXcarolina.com . Once they pick an area like XXXXXX County then if is relayed to the company web site.
As soon as they pick a listing with your face on it then you get an e-mail telling you that they want more info. We also provide you a web site and free search engine submission to Google, Yahoo, Msn, AOL, A TOTAL of over 350 search engines totally free.
All of this costs you nothing more then you normal REMAX fees and all leads are totally free.
I was looking today at our competitions web sites no one else offers any thing close to what RE/MAX does. I don’t ask you to believe me please look for your self most buyers are starting on the internet. Magazine ads are something that we do for the sellers because they expect us to. You know that it’s the internet that gets the homes sold. 2/3 of our 349 total Sales last Year were BUYERS! I can’t even properly work all of the leads that I have received. We have the best web site and we have the leads. I invite you to come and get yours. Go to http://www.joinremax.com
Broker/Owner
RE/MAX