NMLS Late CE state elective.
+ $1.50 NMLS Credit Banking Fee
NMLS Course ID: 15581
NMLS Sponsor ID: 1400327
Credit Hours Provided: 1
Category: CE Elective
This course is approved for "Late CE" credit only.
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.
Licensees who do not complete their annual mortgage license training may be placed in a Reinstatement Period and are prohibited from practicing mortgage loan origination activities until their licenses are reactivated and their continuing education requirements have been completed. Licensees have until the end of February to bring their licenses up to date. A penalty Reinstatement Fee may apply when renewing your license. A license will expire if it is not renewed during the Reinstatement Period.
Not every state agency allows for reinstatement of a license. Check the Annual Renewal Information page on the NMLS website to verify if the agency you are licensed under allows for reinstatement, when the last date of reinstatement is, and what the applicable penalty fees may be.
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:
Total study time: 1 credit hour (50 minutes)
This course will prepare North Carolina-licensed MLOs to:
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:
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 remain available to students until midnight on December 31st, 2024
+ $1.50 NMLS Credit Banking Fee
|Vocational Training > Mortgage > Continuing Education > North Carolina > CE Elective
|NMLS Late CE state elective
Purchase of this package requires that you read and acknowledge an Enrollment Agreement before receiving credit for any courses contained in this package. Please review the following:
To provide superior distance education that exceeds industry standards and expectations in course content and delivery methods to those who seek to enter a new profession and those engaged in a profession.