Copy
View this email in your browser
View this email in your browser 
This contains important update information regarding products you have purchased

State Audits - Forewarned is Forearmed

We just published some important findings in our newsletter regarding North Carolina, specifically, but thought it would be useful even for those outside the state. North Carolina has typically been ahead of the curve on mortgage regulation, and their sway with mortgage regulators across the country will provide some insight into future examinations. 

North Carolina Mortgage Licensing and Examinations - What have we learned?
It should surprise no one that NCCOB - the nation's FIRST state regulator to initiate anti-predatory lending laws, and one of the first to initiate robust pre-licensing training, AND was a leader in pre-Dodd-Frank regulation - has now taken the flag as one of the most detail-oriented examiners. 

Expect an initial examination within the first 12 months of licensing. Existing licensees who have never been examined should expect one, and this normally coincides with a complaint or other inconsistency.

For those licensed in the state, NCCOB (North Carolina Commissioner of Banks) has clearly and transparently posted its expectations. Yet over and over we see brokers and lenders alike responding with surprise to examination findings and questionnaires. When we review the findings to help licensees comply we aren't surprised, just a little disappointed at what some might call willful blindness.

 
As always, if you have a specific need that you don't see, if you need help with anything or if you just have an idea that will make the system better for everyone, please let me know.  

Regards,


Thomas Morgan

 

Thomas Morgan
     

MortgageManuals.com

1 Research Court, Suite 450
Rockville, MD 20850
877-918-7246
www.mortgagemanuals.com

     
Share Share
Tweet Tweet
Forward Forward
LinkedIn
Like us on Facebook
YouTube Compliance Training
Copyright © 2020 MortgageManuals.com, All rights reserved.


Want to change how you receive these emails?
You can update your preferences or unsubscribe from this list.

Copyright © 2020 MortgageManuals.com, All rights reserved.


unsubscribe from this list    update subscription preferences