NC MLO case studies
NC MLO · Put your knowledge to work in context.
The North Carolina Mortgage Loan Originator (MLO) license is the state credential that lets an individual originate residential mortgage loans in North Carolina. It is issued through the Nationwide Multistate Licensing System (NMLS) and supervised by the North Carolina Commissioner of Banks. The NC MLO case studies are 5 cases and about 2,818 words.
1Sponsorship, Entity Licensing, and the Lapsed Broker License
Dana is a mortgage loan originator licensed in North Carolina and sponsored in NMLS by Pinewood Mortgage Brokerage. Pinewood's North Carolina mortgage broker license expired at midnight on March 31 after the owner missed the renewal deadline.
562 words, about 3 min2Revised Loan Estimate, Tolerance Buckets, and a Closing Fee Surprise
Coastal Sound Lending, a North Carolina mortgage lender, takes a refinance application on Monday, March 3. The initial Loan Estimate shows a 995 origination fee, a 650 appraisal fee for an appraisal management company the lender selects, and an 85 recording fee.
599 words, about 3 min3Guaranteed Approval Advertising and an Advance Application Deposit
Summit Ridge Mortgage is a North Carolina-licensed mortgage broker. It launches a radio and Facebook campaign in Spanish and English: '¡Aprobación garantizada!
534 words, about 3 min4Examination Findings: Unlicensed Staff, Steering Notes, and Missing Records
During a routine examination by the North Carolina Commissioner of Banks, examiners review 30 files originated by Evan at TriCounty Mortgage. They find: (1) nine files have no dated evidence that the borrower received the initial Loan Estimate and indicated an intent to proceed; (2) four files show Evan's unlicensed assistant, Kim, took applications, quoted rates, and discussed loan terms by phone; (3) one file contains Evan's note, 'Borrower lives in Eastside - likely Section 8, better steer to FHA high-cost, don't waste time on conventional'; the borrower is Black and met conventional guidelines; (4) Evan deleted borrower text messages monthly, so 18 files lack the required three-year records; (5) a rate sheet shows three Hispanic borrowers paid a 1.5-point higher broker fee than similarly situated white borrowers with no documented risk reason.
562 words, about 3 min5Self-Employed Income Decline, Gift Funds, and a Low Appraisal
Priya and Marcus apply for a 420,000 conventional purchase with 10% down. Priya is a W-2 teacher.
561 words, about 3 min