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A licensed individual asks what the North Carolina MLO license actually permits. What is the best conclusion under North Carolina MLO law or NCCOB guidance?

Correct Answer

B) The NC MLO license authorizes an individual to act as an MLO for licensed or registered mortgage entities.

The NC MLO license authorizes an individual to act as an MLO for licensed or registered mortgage entities. The North Carolina mortgage loan originator license authorizes an individual to act as an MLO on behalf of licensed or registered mortgage entities.

Answer Options
A
Treat the timing or filing requirement as optional if the transaction appears low risk.
B
The NC MLO license authorizes an individual to act as an MLO for licensed or registered mortgage entities.
C
Assume the North Carolina requirement does not apply to this new-license application.
D
Treat sponsorship and employment status as satisfied by borrower consent alone.

Why This Is the Correct Answer

The NC MLO license authorizes an individual to act as an MLO for licensed or registered mortgage entities. The North Carolina mortgage loan originator license authorizes an individual to act as an MLO on behalf of licensed or registered mortgage entities.

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