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A person wants to start originating NC residential mortgage loans while the license is still pending. What is the best conclusion under North Carolina MLO law or NCCOB guidance?

Correct Answer

A) A nonexempt person must be licensed or registered before acting as an MLO in North Carolina.

A nonexempt person must be licensed or registered before acting as an MLO in North Carolina. North Carolina requires a person to be licensed or registered before acting as an MLO in the state, unless exempt.

Answer Options
A
A nonexempt person must be licensed or registered before acting as an MLO in North Carolina.
B
Delay the North Carolina requirement until after the loan closes or the renewal period ends.
C
Treat consumer consent as a cure for a prohibited or missing compliance step.
D
Treat the timing or filing requirement as optional if the transaction appears low risk.

Why This Is the Correct Answer

A nonexempt person must be licensed or registered before acting as an MLO in North Carolina. North Carolina requires a person to be licensed or registered before acting as an MLO in the state, unless exempt.

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