4 Hour NC SAFE: North Carolina Mortgage Lending Laws

This course is designed to prepare candidates to take the exam to become a state-licensed mortgage loan originator in North Carolina under the North Carolina Commissioner of Banks (NCCOB). This 4-hour course covers North Carolina specific rules and regulations, and is required as part of the 24 hours of prelicensure education needed to become a North Carolina mortgage loan originator.

Topics and Learning Objectives

This course consists of four modules and a final exam:

1. Mortgage Licensing in North Carolina (90 minutes)
2. Mortgage Lending Compliance in North Carolina (60 minutes)
3. The North Carolina Reverse Mortgage Act (20 minutes)
4. The North Carolina Residential Mortgage Fraud Act (10 minutes)
5. Final Exam (20 minutes)

Total study time: 4 clock hours (200 minutes)

Module 1: Mortgage Licensing in North Carolina

This section of the course focuses on North Carolina licensing laws as they apply to mortgage lenders, brokers, servicers, and loan originators. It includes regulations that identify those exempt from licensing, explain North Carolina’s renewal and continuing education requirements, and pertain to modifications to a business and required record keeping and reporting.

Module 2: Mortgage Lending Compliance in North Carolina

This section of the course focuses on North Carolina compliance issues for mortgage professionals including required and prohibited business practices. You will learn about allowable fees, home loan rates, and the kinds of disciplinary actions taken against licensees.

Module 3: The North Carolina Reverse Mortgage Act

This module describes the North Carolina Reverse Mortgage Act, which contains rules and regulations relating to the origination of reverse mortgage loans to North Carolina homeowners. This loan product allows homeowners to receive a loan proceeds based on the equity of the applicant's property.

Module 4: The North Carolina Residential Mortgage Fraud Act

The North Carolina Residential Mortgage Fraud Act, located under North Carolina General Statutes, Chapter 14 (Criminal Law), became effective December 1, 2007. The act defines what mortgage fraud is and outlines penalties for criminals who are found guilty of mortgage fraud.

NMLS ID Required

You must have an NMLS ID to receive credit for this course. You will need this number before you begin the course.

If you already have an NMLS ID, but don't remember what it is:

• Login into NMLS,
• Click on the Composite View tab, then
• Click View Individual on the sub-header row.
• The number that appears in parentheses after your name is your NMLS ID number.

If you do not have an NMLS ID and need to obtain one, use the instructions available in the NMLS Resource Center