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An applicant asks where the North Carolina MLO licensing process starts. What is the best conclusion under North Carolina MLO law or NCCOB guidance?

Correct Answer

D) North Carolina mortgage applicants use NMLS, and mortgage loan originator is one of the North Carolina mortgage license types.

North Carolina mortgage applicants use NMLS, and mortgage loan originator is one of the North Carolina mortgage license types. NCCOB directs mortgage license applicants to use the NMLS Multi-State Licensing System and shows mortgage loan originator as one of the five mortgage license types.

Answer Options
A
Assume another state's approval automatically satisfies the North Carolina requirement.
B
Apply the North Carolina rule only to company licenses and never to individual MLO activity.
C
Handle sponsorship and employment status with an informal note rather than the required license, disclosure, filing, or record.
D
North Carolina mortgage applicants use NMLS, and mortgage loan originator is one of the North Carolina mortgage license types.

Why This Is the Correct Answer

North Carolina mortgage applicants use NMLS, and mortgage loan originator is one of the North Carolina mortgage license types. NCCOB directs mortgage license applicants to use the NMLS Multi-State Licensing System and shows mortgage loan originator as one of the five mortgage license types.

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