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A practice question asks about authority of an NC MLO license. Which answer best matches the official North Carolina rule?

Correct Answer

A) 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
The NC MLO license authorizes an individual to act as an MLO for licensed or registered mortgage entities.
B
Use an informal manager exception without updating the license, file, or required record.
C
Use a verbal explanation instead of the required license status, disclosure, record, or filing.
D
Use a state-law refresher exception instead of satisfying the rule before activity continues.

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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