1 Hour Course
Show Course ID: 1
Course ID: 10784
Approved By: NMLS
This course on North Carolina-specific education fulfills 1 hour of annual continuing education for licensed MLOs in the state. A total of 8 hours must be completed each year, which includes 3 hours of federal law, 2 hours of non-traditional mortgage lending, 2 hours of ethics (including fraud, consumer protection, and fair lending issues), and 1 hour of North Carolina-specific education. This is a stand-alone course, and can be taken either on its own or in connection to other courses offered to fulfill your CE requirements.
This course is broken down into 2 modules. Each module contains:
The course begins with an overview of the regulating authorities MLOs must answer to, and then jumps into the NC SAFE Act. First, we get acquainted with the mortgage loan originator, and see what an MLO is defined as, and what it is specifically not. Here, we also examine other types of loan originators, such as those with a transitional mortgage loan origination license.
Next, we look at the exemptions to licensure, and discuss seller financing. Though an MLO may not deal with seller financing themselves, it is important to understand how this lending tool functions.
Students then see the requirements for active licenses and registrations, which include the topic of employment and employer responsibilities. Here, we also discuss surety bonds, and their requirements.
The course ends with a discussion of some MLO requirements, such as the use of unique identifiers and display of license, and the prohibited acts MLOs are restricted from engaging in.
The course is completed with a final exam consisting of 15 questions randomly drawn from the class.