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New Licensing Requirements
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New Licensing Requirements
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- 24 Hour NC Loan Officer Fundamentals Class
The Secure and Fair Enforcement for Mortgage Lending Act of 2008 (SAFE Act) established requirements for the licensing and registration of all Mortgage Loan Originators (MLOs) who work for an insured depository or its owned or controlled subsidiary that is regulated by a federal banking agency, or for an institution regulated by the Farm Credit Administration, are registered. All other MLOs are to be licensed by the states.
The SAFE Act requires state-licensed MLOs to pass a written qualified test, to complete prelicensure education courses, and to take annual continuing education courses. The SAFE Act also requires all MLOs submit fingerprints to the Nationwide Mortgage Licensing System and Registry (NMLS) for submission to the FBI for a criminal background check and state-licensed MLSs to provide authorization for NMLS to obtain an independent credit report. The Test, Education, and background Checks links from this page explain how state-licensed MLOs to satisfy each of these professional requirements.
Please refer to www.stateregulatoryregistry.org/NMLS
North Carolina Requires:
- Completion of an approved 24 hour prelicensure course
- Pass the SAFE Act Test which is comprised of two components: A national component and a North Carolina state specific component at an official testing center. See detailed information found in the NMLS Resource Center
- Submit MU4 filing online via the NMLS website (total fee $201)
- Submit a completed fingerprint card, Authority for Release of Information, course compeletion certificate and NMLS Mortgage Loan Orignator test results. These documents must be mailed to the NC Commissioner of Banks, 4309 Mail Service Center, Raleigh, NC 27699-4309
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