Modernizes the North Carolina Secure and Fair Enforcement Mortgage Licensing Act by updating licensing, registration, and operational requirements.

The bill updates the North Carolina Secure and Fair Enforcement Mortgage Licensing Act to modernize licensing, registration, and operational requirements for mortgage lenders, brokers, servicers, and originators. It establishes new definitions, licensing and registration application processes, fees, and requirements for surety bonds, net worth, and continuing education. It also outlines duties and prohibited acts for mortgage brokers and lenders, and grants the Commissioner of Banks authority to investigate, examine, and enforce compliance with the Act.

Modernizes the North Carolina Secure and Fair Enforcement Mortgage Licensing Act by updating licensing, registration, and operational requirements.

The bill updates the North Carolina Secure and Fair Enforcement Mortgage Licensing Act to modernize licensing, registration, and operational requirements for mortgage lenders, brokers, servicers, and originators. It establishes new definitions, licensing and registration application processes, fees, and requirements for surety bonds, net worth, and continuing education. It also outlines duties and prohibited acts for mortgage brokers and lenders, and grants the Commissioner of Banks authority to investigate, examine, and enforce compliance with the Act.