Article Summary: This article will help anyone looking for information pertaining to a mortgage license in the state of North Carolina or anyone looking to become a mortgage broker in North Carolina.
The
North Carolina Commissioner of Banks supervises and regulates all aspects of the
Mortgage Lending Act (MLA). This Act was signed into law on August 29, 2001 and became effective on July 1, 2002. The Act repealed portions of the earlier laws regarding the registering of Mortgage Brokers. Those who are licensed as a Mortgage Lender in North Carolina do not have to also obtain a Mortgage Broker license in order to perform Mortgage Broker activities.
Applicants who desire to
become a Mortgage Broker in North Carolina pay an initial application and licensing fee of $1,000. The application fee for each branch office is $100, and the initial license fee for Loan Officers if $50. The annual license fee for Mortgage Brokers is $500. Mortgage Broker applicants also provide a Surety Bond in the amount of $50,000. An Irrevocable Letter of Credit may not be substituted for the Surety Bond. Applicants also need to provide full business, employment and credit history reports.
A sole proprietor who is licensed as a Mortgage Broker must also be licensed as a Loan Officer. Loan officers are required to have at least three years of experience in the residential real estate mortgage lending business prior to being licensed and are required to complete the Fundamentals of Mortgage Lending course from an approved provider, pass an approved examination, submit a Credit Report, and submit an application filing fee of $50 along with the application. Eight continuing education hours must be completed each year after becoming licensed.
Each Mortgage Broker must maintain and work from a designated principal office within the state. All records, books and files must be maintained in that office.
The
North Carolina Association of Mortgage Professionals (NCAMP), is an affiliate of the National Association of Mortgage Brokers (NAMB), www.namb.org. Both organizations provide excellent resources for those who desire to obtain a Mortgage Broker License in North Carolina.
We also offer information and resources for North Carolina Commercial Mortgage