NC H717

Excludes private mortgage insurance premiums in excess of 1.25% of the loan amount from the definition of "points and fees" in high-cost home loans under North Carolina General Statute 24-1.1E(a)(5).

Removes the requirement that private mortgage insurance premiums be refundable on a prorated basis, automatically issued upon mortgage satisfaction, or subject to borrower refund rights to qualify for the exclusion.

Aligns treatment of private mortgage insurance premiums with federal housing administration and veterans administration insurance premiums, which already have the 1.25% threshold exclusion.

Effective date: October 1, 2011.