What is the primary law governing mortgage transactions in North Carolina called?

The primary law governing mortgage transactions in North Carolina is known as the North Carolina Secure and Fair Enforcement Act (often abbreviated as the North Carolina SAFE Act). This legislation was enacted to establish guidelines for mortgage lending, ensure the protection of consumers, and set the standards for licensing mortgage loan originators in the state.

The North Carolina SAFE Act aligns with federal regulations, specifically the Secure and Fair Enforcement for Mortgage Licensing Act, and provides the framework for how mortgage businesses operate, including licensing requirements and compliance standards. This act helps to ensure that mortgage professionals meet the necessary qualifications, thereby increasing accountability within the mortgage industry.

While other options may refer to specific aspects of mortgage lending or regulatory oversight, they do not serve as the primary governing law for mortgage transactions in North Carolina. The North Carolina Licensing Standards Act and the National Mortgage Licensing Act are more focused on broader licensing standards and regulations at a federal level, whereas the North Carolina Mortgage Regulation Act pertains to specific regulations but does not encompass the complete regulatory framework established by the SAFE Act.