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Strict Mortgage Training Required in North Carolina

As most of the country is still reeling through the aftershocks of the real estate crash, many states are taking a tough look at how they could have protected their citizens from the countless bad mortgage loans that created the problem. While restructuring the banking industry may be one solution to stop the bad loans and unrealistic credit offerings, it is the mortgage industry itself that caused most of the problem.

In North Carolina lawmakers have been working with mortgage brokers and lenders to construct a licensing and training program that meets the requirements of the national SAFE Act of 2008. As a result, North Carolina mortgage broker training is now required for anyone wishing to be licensed as a broker in the state. Established brokers will have to complete continuing education through a program approved by the Nationwide Mortgage Licensing System, or NMLS for short, in order to renew their license. They will also need to meet additional licensing requirements set forth by NMLS. New brokers have to complete initial educational and training requirements as well as pass credit and background checks, etc.

While most states have had education and licensing requirements for years, the SAFE Mortgage Licensing Act required that they meet certain federal standards and that all brokers and loan originators be listed in a national registry. NMLS is responsible for tracking North Carolina brokers and loan originators and ensuring that they meet state and federal standards.

posted by Aisha in Arts & Culture and have No Comments
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