How to Become a Loan Officer in North Carolina
Nicely done! You’re about to embark on an exciting journey to become a certified Mortgage Loan Officer (MLO) in North Carolina.
This step-by-step guide walks you through the entire certification and employment process to get your MLO license. We’ll also cover some disqualifying factors that could render you ineligible for a loan officer license in North Carolina.
But don’t be nervous. While these steps might seem like a lot to take on, you could get through the entire process in just 10 to 16 weeks.
Ready to begin a wonderful career in finance? Let’s hop in!
Mortgage Loan Officer NMLS Account
The first step to becoming a certified loan officer in North Carolina is to closely follow the pre-licensing requirements. As with all other states, you must create an account on the Nationwide Mortgage Licensing System and Registry (NMLS) website.
You’ll receive a unique ID that must be connected to your MLO license once you acquire it. That way, any NMLS-associated education and/or MLO job opportunities that you undertake in the future will be associated with this unique ID.
Pre-Licensing Education For Loan Officers
You’re now ready to begin your pre-licensing education! The SAFE Act requires you to complete 20 hours of coursework that covers federal mortgage laws, fair lending practices, mortgage lending procedures, and more. This is a standard course required for all 50 states.
Aside from that, North Carolina loan officers must also complete an additional 4 hours of state-specific NC law.
To retain your MLO license, you will have to complete 8 additional hours of continuing education on a yearly basis after your receive your license.
Important: Please be sure to complete your pre-licensing education and continuing education from an NMLS-approved school, or else your coursework will not be accepted.
To help you out, we’ve compiled a list of the top 3 NMLS-approved schools in North Carolina. Make sure to check that out!
Examination for Loan Officers
You’re almost there! You now have to pass the SAFE exam with a score of 75% or higher on the national and state components of the test.
This test is presented through 120 multiple-choice questions. It takes most students about 2 hours to complete, although you have unlimited time with it.
To find the closest MLO testing location in NC, please visit the NMLS website. You can book an appointment there. They currently charge a testing fee of $110.
Background Check For Loan Officers
This is a simple formality. You will have to log in to your NMLS account and authorize a criminal background check, and credit report check, as well as schedule an appointment to get your fingerprints taken.
The latter is automatically processed once done and sent to the NMLS for you. At this stage, you will also have to pay a few non-refundable fees.
Employment For Loan Officers
Your hard work has paid off! After you pass the NMLS test and complete the mandatory checks, you can apply for your North Carolina MLO license on the NMLS website.
The final step is to acquire sponsorship from an NMLS-recognized employer. This conveys to the government that your activities are being supervised.
Don’t forget to synchronize your license with the company you work for. You can do this through your NMLS account.
Disqualifying Factors For Loan Officers
Bear in mind, applicants who have a felony conviction on their record associated with misrepresentation, money laundering, fraud, breach of trust, or dishonest dealings could face a lifetime ban for an MLO license in North Carolina and other states.
Final Thoughts
And with that, you now have all the information you need to begin your loan officer career in North Carolina.
Just follow these steps; complete your pre-licensing education from an NMLS-approved school, pass the exam, complete the background checks, and get sponsored by an employer – and a rewarding MLO career could be in your future!
For license renewal, it’s important to keep up with your continuing education requirements every year after you obtain your license.
Aside from the mandatory coursework, put in as much extra prep as you can manage. That could make all the difference on your NMLS exam.
We wish you a long and successful career in Mortgage Loan Origination. All the best!
