The "North Carolina Secure and Fair Enforcement (S.A.F.E.) Mortgage Licensing Act," codified in NCGS Chapter 53, Article 19B, requires an individual, partnership, limited liability company, limited partnership, corporation, association, or other group engaged in the mortgage business, as defined in § 53-244.030 (30),to be licensed or registered annually by the NC Office of the Commissioner of Banks. Show
Any individual employed by a licensed mortgage lender, mortgage broker, or servicer acting as a mortgage loan originator or as an exclusive mortgage broker, must have a mortgage loan originator license. Some lenders, primarily banks and credit unions, are exempt from North Carolina licensure but must file and keep current, information contained in their Claim of Exemption. License/Registration Requirements and How to Submit an ApplicationAll mortgage licensing applications must be submitted via the Nationwide Mortgage Licensing System & Registry (NMLS). In the state of North Carolina, anyone engaged in the residential mortgage loan business must obtain a state license. The North Carolina Commissioner of Banks (NCCOB) regulates and issues all mortgage licenses. The application process for most mortgage licenses is handled by the Nationwide Mortgage Licensing System (NMLS). NMLS allows mortgage entities and individuals to apply or renew a license online. Types of Mortgage Licenses in North CarolinaNorth Carolina has three major state license types: Company, Branch, and Individual. Each license type depends on the work you are going to perform. In NC, Reverse Mortgage lenders are also required to obtain a state license; the application process is handled by NC Commissioner of Banks. In this guide, we’ll cover the most common licenses only. You can review the full list on the NMLS website or NCCOB website. Most Common Company Licenses
Most Common Individual Licenses
North Carolina State RequirementsAll license applications, except the Reverse Mortgage Lender License , must be submitted online via NMLS. Note that some agency-specific documentation, such as the original surety bond form, must be mailed directly to NCCOB at NC Commissioner of Banks Office, Mortgage Division, 4309 Mail Service Center, Raleigh NC 27699-4309 . Note: The completed Reverse Mortgage Lender License application (and all applicable fees) must be mailed to the Commissioner at the above-stated address. You can find the application form on NCCOB forms and fees page. For assistance or further information regarding license requirements, please contact the Commissioner of Banks at one of the following:
For NMLS-related questions, you may contact their call center at (855) 665-7123. Education and ExamsPassing an exam is obligatory for some, but not all license types in North Carolina. To obtain a company license or an Exclusive Mortgage Broker license you are not required to complete an education course or pass a test. NC Mortgage Broker BondsNote: All surety bonds need to be issued on an NCCOB bond form. You can find the surety bond forms on NCCOB’s Forms and Fees page. What is the difference between a mortgage broker and a mortgage lender?What is the difference between a mortgage broker and a mortgage lender? A lender is a financial institution that makes loans directly to you. A broker does not lend money. A broker finds a lender.
What is the difference between a broker and a mortgage broker?Mortgage brokers
A mortgage broker doesn't lend money. The broker's job is to help borrowers find the best lender for their situation. A broker works with many lenders and acts as a matchmaker or middleman. They match borrowers with lenders who will provide them competitive terms based on their financial credentials.
Can you be a mortgage broker and a real estate agent NC?The short answer is yes, you can.
Why a mortgage broker is better than a bank?Quite simply, a bank will only advise you on its range of products. This will only represent a small fraction of the options available to you in the market. On the other hand, a mortgage broker who has agencies with all of the lenders in the broker market will advise you on a wide array of options.
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