The Department of Regulatory Agencies, Division of Real Estate licenses and regulates mortgage loan originators through the Nationwide Mortgage Licensing System and Registry. All mortgage loan originators must complete a minimum of 10 hours of continuing education each year.
Mortgage loans are secured by way of a deed of trust, which transfers legal title to the property to the lender for the duration of the term of the loan. Title is conveyed back to the borrower when the mortgage loan has been paid in full. The power of sale clause in the trust deed permits the lender to sell the property in the event of default.