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Laws relating to mortgages in North Carolina are governed mainly by the state statutory through North Carolina Condominium Act (Article 8, Chapter 44) of the General Statutes. There is no mortgage tax. All aspects of the Mortgage Lending Act (MLA), effective in the state since 2002, are supervised and regulated by the North Carolina Commissioner of Banks.

The Anti-Predatory Lending Law had been enacted in the state in 1999. It aims at eliminating predatory loans without excessively affecting the lowest-credit borrowers and without effectuating any rise in the rates of interest. North Carolina has been the trendsetter in stopping unfair lending practices.

In North Carolina both judicial and non-judicial foreclosures are available i.e. the lenders can foreclose on deeds of trust/mortgages in default using either a judicial or non-judicial foreclosure process.

The lenders in the state may carry out a deficiency judgment and the borrowers retain the right to redemption.

The Mortgage lending Act (signed into law in 2001 and became effective since 2002) repealed portions of the earlier laws regarding registering of Mortgage Brokers in the state.

Anyone licensed as a Mortgage Lender in the state need not also obtain a Mortgage Broker License for performing mortgage broker activities.

• Broker Licensing