Help Icon

MTG7204

Course
MTG7204
Course Title
4-Hour NC SAFE: North Carolina Origination Essentials

Description

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.

Objectives

  • Apply requirements of the SAFE Mortgage Licensing Act and the Nationwide Mortgage Licensing System (NMLS) to North Carolina loan files
  • Content

    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)

    Prerequisites

    N/A

    Method of Instruction

    Lecture and class discussion.

    Evaluation

    Final course quiz. Students must arrive for on time for class and attend 100% of the scheduled class time.