- Course Title
- 4-Hour NC SAFE: North Carolina Mortgage Origination Essentials (Classroom)
This course is approved by the Nationwide Mortgage Licensing System (NMLS) to meet the N.C. mortgage loan originator pre-licensing education requirement and prepare students to take the N.C. state licensing exam component. This course is required, in addition to the federal component MTG 7200.
I. Introduction Licensing Requirements per the SAFE Mortgage Licensing Act and the Nationwide Mortgage Licensing System and Registry (NMLS): 30 minutes
II. Article 19B of Chapter 53: The North Carolina Secure and Fair Enforcement (SAFE) Mortgage Licensing Act (G.S. 53)
III. Interest and Predatory Lending (G.S. 24)
- Chapter 24-1.1A and Chapter 24-1.E
- Rate Spread Loans: Chapter 24-1.1F
IV. Declaratory Ruling 2003-01: Net Branching
V. Residential Mortgage Fraud Act (Chapter 14: Article 20A)
VI. Final Guidance on Non-Traditional Mortgages
VII. Statement on Subprime Lending
VIII. NC Administrative Rules (04 NCAC 03N)
IX. Reverse Mortgages Act (G.S. 53): 10 minutes
X. Good Funds Settlement Act (G.S. 45)
Method of Instruction
Lecture and class discussion.
Final course quiz. Students must arrive for on time for class and attend 100% of the scheduled class time.