December 10th, 2010
NC Loan officer Training
North Carolina requires anyone who works with consumers on residential mortgage loans to be licensed and in good standing with the state. This is their way of safeguarding citizens against unqualified brokers as well as those who hope to swindle unsuspecting customers. It is simple enough to visit the state banking website to run a check on whether a given company or officer is licensed by the state.
As a result of the federal SAFE Act of 2008, which requires national registration of mortgage loan officers, NC has done an extensive review of the North Carolina loan officer training requirements for both new officers and existing officers wishing to renew their license. The new standards for training have been approved by the National Mortgage Licensing System and cover federal mortgage laws as well as state regulations.
In addition to completing the required hours of training, all loan officers in North Carolina have to pass a licensing exam to prove their mastery of the material. This covers not only mortgage law, but also fair lending and ethical practices as well as other subject matter deemed appropriate by the state. Officers must also submit to background and credit checks and file appropriate documentation with the state prior to being granted a license.