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Below you will find information on the following
topics for North Carolina: Mortgage Broker Licensing, Mortgage
Broker Training, Mortgage Broker License Requirements, North Carolina
Mortgage Laws and Regulations, Mortgage Broker Schools, etc.
If you would like to find information about another state then
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North Carolina Mortgage License and Education Information |
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The Office of the Commissioner of Banks, together with the North Carolina Banking Commission, is responsible for the chartering and regulation of North Carolina's state banks and trust companies, as well as registration/licensing of various financial institutions operating in North Carolina, including Check-Cashers, Consumer Finance companies, Mortgage Bankers and Mortgage Brokers, Money Transmitters and Refund Anticipation Lenders.
The Mortgage Lending Act (NCGS Chapter 53, Article 19A), requires that any business engaged in mortgage lending be licensed annually by the NC Commissioner of Banks as either a Mortgage Lender or a Mortgage Broker. In addition, any individual employed by a licensed Mortgage Lender or Mortgage Broker acting as a loan officer must have a Mortgage Loan Officer License. Some lenders, primarily banks and credit unions, are exempt from licensing, but must file and keep current their information contained in their Claim of Exemption.
The following information is required to obtain a North Carolina Mortgage Broker License:
- Submit a completed and signed application along with the stipulated application fees and other required documents to the department for consideration.
- Each Mortgage Lender or Broker licensee must designate a Managing Principal. If the Managing Principal is the individual who will be responsible for resolving consumer complaints regarding Loan Officers of the company, then he/she must also be a licensed Loan Officer. In addition, every Branch Office must have a designated Branch Manager who is also a licensed Loan Officer. The Managing Principal and each Branch Manager are required to have three (3) years of residential mortgage lending experience.
- Licenses expire each year on June 30. Renewal forms are sent annually in May. Mortgage brokers must continuously satisfy all requirements of initial licensure to be eligible for renewal.
- The applicant must have a physical location in North Carolina.
- A mortgage broker surety bond in the amount of $50,000 is required. If the licensee meets the definition of a "Qualified Lender" and is submitting an audited Financial Statement that shows Net Worth in excess of $250,000 in assets acceptable to the Commissioner, then this requirement is waived.
- A fingerprint card must also be submitted along with separate check for fingerprint processing fee.
- The applicant should attach the most recent financial statements including Balance Sheet and Income Statement.
- There are no specific educational or experience requirements.
For more information, visit State of North Carolina Mortgage Lending.
Online forms and applications can be downloaded at State of North Carolina Mortgage Lending - Mortgage Forms
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