What does the North Carolina S.A.F.E. Act aim to promote?

The North Carolina S.A.F.E. Act, which stands for Secure and Fair Enforcement for Mortgage Licensing Act, is designed to enhance the regulation and oversight of mortgage loan originators and the mortgage industry as a whole. This act aims to establish a comprehensive licensing and regulatory framework to streamline the mortgage loan process while ensuring consumer protection through accountability and transparency in the mortgage lending industry.

By enhancing mortgage broker oversight, the S.A.F.E. Act promotes the establishment of minimum standards for the licensing and registration of mortgage loan originators, improving the overall integrity of the mortgage process. This increased oversight helps to prevent fraud, unethical practices, and unqualified individuals from operating in the mortgage market, ultimately fostering a more secure environment for consumers seeking loans.

Other options, while they may contribute to various aspects of the mortgage industry, do not directly reflect the primary aim of the S.A.F.E. Act. The focus on borrower education and quick processing, although important, are not specific goals of this particular legislation, and the increase of loan origination fees is contrary to the intent of consumer protection embodied in the S.A.F.E. Act.