This Course Includes:
- OIL – 4 Hour Online NC SAFE PE – North Carolina State Law (5109)
Online Instructor Led (“OIL”). This education is delivered in the Online Instructor Led format as required by the NMLS for online Pre-Licensure (“PE”) education. It is available on our website through any internet connection.
Important NMLS specifications include:
• Defined start and end dates (See Course Calendar at top of page).
• Interaction with the instructor and students through forum activities
• Progression as a cohort. At times you will wait for instructor feedback before continuing.
(Note: This is not an “Self-Study” course and does not allow for study at any pace or without instructor/classmate interaction)
This course covers North Carolina law and regulations pertaining to Mortgage Loan Originator licensing and is structured to reflect the outline of the North Carolina State License Exam. This class is divided into several sections:
Section I – State Regulatory Agencies introduces the North Carolina Banking Commission and looks at the department as a Regulatory Authority, the move to department agency structure and its general responsibilities and limitations.
Section II – State Law and Regulation Definitions introduces Mortgage Loan Originators to basics of State Law & Regulation Definitions beginning with discussion of Mortgage loans, fees, and obligations addressed in Articles 19A and 19B of Chapter 53.
Section III – State License Law and Regulations Discuss the amended and/or revised requirements for the licensing of residential mortgage lenders, brokers, correspondent lenders, mortgage loan originators, and “qualified” individual licensees in the state of North Carolina
Section IV – Compliance, discusses a number of requirements and expectations of all mortgage licensee types to include required conduct and prohibited practices, rules on mortgage fees and charges to include North Carolina General Statute restrictions, disclosure requirements and advertising prohibitions.
Section V – Disciplinary Action discusses the repercussions of failure to comply with state and federal mortgage law and how the powers of the Department of Banking and Finance as the regulator overseeing compliance. Topics covered will include: Notifications, Hearings, and Appeals; Revocation of License; Administrative Fines; Civil and Criminal Liability; and Cease and Desist Orders.
Section VI – Unique State test areas discusses requirements for conducting reverse mortgage originations and discusses the regulation of mortgage servicing in North Carolina.
Upon successful completion of this course you will have a strong understanding of the laws and regulations specific to mortgage loan originators and lenders in the state of North Carolina. You will also have the information needed to pass the North Carolina State Exam.