Greetings, North Carolina Loan Originators! Changes are coming your way, due to the SAFE Act, affecting new licenses as well as renewals. A few things to know if you are a mortgage loan originator in North Carolina.
Before applying for a Mortgage Loan Originator License in North Carolina, there are quite a few things you need to do. Here’s a checklist for you:
- Establish a unique identifier with NMLS.
- Complete a 24 hour NMLS-approved pre-licensing education course within the three-year period immediately preceding the date of the application. Four of the hours must be NMLS approved education specific to NC laws and regulations.
- In North Carolina you are required to have a minimum 600 Beacon credit score.
- Submit fingerprints for a criminal records check and credit checks.
- File the MU4, pay the fee and provide explanations for any affirmative answers given to any disclosure questions on the MU4 application.
- Pass the NMLS Exam which is comprised of two components: a National Component and a North Carolina State Specific Component at an official testing center. New people entering the business will need to take both test componenets. Current licensees will only need to take the National Component.
- Submit your additional documentation.
What filing fees should you expect? The initial license fee for a Mortgage Loan Originator is $201.50. This includes a $30 NMLS fee and includes the $46 fee to cover the cost of obtaining a credit report and conducting a criminal history check. These fees are paid through the NMLS system and they are non-refundable.
Regarding CE, except for the first year a mortgage loan originator is licensed in North Carolina, the mortgage loan originator must satisfactorily complete 8 hours of CE approved by NMLS or the Commissioner in order for the license to be renewed. If you fail to satisfy the ongoing continuing education requirements, you can’t renew your license. The course provider will submit a list of students who successfully completed a course directly through the NMLS, but each Licensee is responsible for retaining proof of meeting this requirement.
One last thing, licensed mortgage loan originators may not take the same approved course in the same or successive years to meet the annual requiremnts for CE.
If you need to contact the State of North Carolina Office of the Commissioner of Banks, here is their information:
NC Commissioner of Banks Mortgage Licensing Division
Mailing address: 4309 Mail Service Center, Raleigh, NC 27699-4309
Street Address: 316 W Edenton St, Raleigh, NC 27603
Phone: 919-733-0589
Fax: 919-733-2978
Website: www.nccob.org/NCCOB
You can read the entire page of North Carolina Mortgage Loan Officer information and requirements here. Stay informed by checking our blog for your North Carolina Mortgage Lending needs!