8 Hours of 2024 North Carolina MLO Continuing Education

​​​​​​​The North Carolina Commissioner of Banks (NCCOB) requires mortgage licensees in this state to take a one-hour course on North Carolina mortgage lending rules as part of the licensees' annual continuing education requirement for license renewal. This course covers four North Carolina mortgage topics for licensee continuing education.

The first module of this course reviews conduct and behavior that is prohibited by North Carolina laws. This includes the fees that can be charged on a mortgage loan transactions and the limits for those fees.

The second module describes the various disciplinary actions the Commissioner of Banks may issue against licensees who violate state law.

The third module outlines the North Carolina Reverse Mortgage Act, found in NCGS Chapter 53, Article 21. We'll review how a reverse mortgage is defined, how a lender is granted authority by the Commissioner to issue reverse mortgages, the state limitations on this type of loans, and at what point a borrower is required to repay the reverse mortgage.

The last module of this course explains the North Carolina Residential Mortgage Fraud Act (RMFA), NCGS Chapter 14, Article 20A. We'll learn about the definition of mortgage fraud and identify various tasks that would qualify as mortgage fraud.

Topics and Learning Objectives

This course is broken down into several learning topics. At the end of the course a 15-question final exam will be given. The topics included in this course are:

1. Module 1: Required Conduct and Prohibited Conduct
2. Module 2: Disciplinary Action&
3. Module 3: The North Carolina Reverse Mortgage Act
4. Module 4: The North Carolina Residential Mortgage Fraud Act
5. Final exam

Total study time: 1 credit hour (50 minutes)

This course will prepare North Carolina-licensed MLOs to:

• Outline the duties required of mortgage brokers when working with consumers.
• List conduct that is prohibited by the Commissioner during the practice of mortgage loan origination.
• Describe the limitations on fees, interest, late payments, and other financial payments.
• State how the Commissioner initiates disciplinary hearings against licensees and the possible penalties.
• Explain the state laws to comply with when working with applicants for reverse mortgages.
• Paraphrase the definition of mortgage fraud and the penalties for fraud convictions.

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.
• 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.

​​​​​​​This course will instruct mortgage loan originators on a number of regulations that they will have to comply with while taking part in their mortgage loan origination activities. Rules, such as those implemented by the Dodd-Frank Wall Street Reform and Consumer Protection Act, are set in place to protect the interest and well-being of consumers who apply for mortgages to purchase or refinance their properties. To ensure that their business practices satisfy the regulations adopted by federal laws, mortgage loan originators need to keep current on the guidelines published by entities such as the Consumer Financial Protection Bureau (CFPB).

Topics and Learning Objectives

This course consists of four sections and a final exam

1. Top 10 Federal Topics for 2024

2. Ethical Mortgage Advertisement Practices

3. The Fannie Mae HomeStyle® Renovation Loan

4. Final exam

Total study time: 7 credit hours (5 hours, 30 minutes)

Module 1: Top 10 Federal Topics for 2024

Study Time: 3 clock hours (150 minutes of federal law)

air lending along with compliance to the law, established rules, and implemented regulations is everyone’s responsibility. When compliance failures occur, everyone, including the customer, loses.

The topics outlined in this module are mandated by the NMLS and state regulators, covering the more egregious regulatory compliance failures recently discovered through various regulatory examinations, investigations, and audits.

Module 2: Ethical Mortgage Advertisement Practices

Study Time: 2 clock hours (100 minutes of ethics, fraud, and consumer protection)

Most, if not all of the regulations for the mortgage and banking industry are implemented to protect the consumer. That is what this module is about - consumer protection in advertising. Throughout this module, we hope to provide you a better understanding of the laws designed to protect consumers from untruthful mortgage advertising and understanding what you can and cannot do when advertising your loan products. Your proper understanding of these rules is vital when dealing with the public and promoting your services.

Module 3: The Fannie Mae HomeStyle Renovation Loan

Study Time: 2 clock hours (100 minutes of non-traditional mortgage)

In this next section, we will explore property rehabilitation loan products. Over the years, most of us have become familiar with the FHA 203(k) Rehab Loan. It was the loan program that many mortgage loan originators turned to when they needed a rehab loan program for their borrower client.

Today, there are other options available when it comes to rehabilitating a home for purchase and refinance that may more perfectly fit the rehab loan needs of the borrower. This module will introduce you to one such program: the Fannie Mae HomeStyle Rehab loan program. We'll explain the details of this program and compare it to the traditional 203(k) rehab loan.

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.
• 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