NC MLO study guide
NC MLO · Work through your exam, one topic at a time.
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 study guide has 7 sections and about 2,469 words.
01Federal Mortgage Loan Originator Licensing and Registration (SAFE Act, NMLS)
The SAFE Act (Title V of the 2008 Housing and Economic Recovery Act) does not itself license anyone. It sets minimum standards that states must adopt and created the Nationwide Multistate Licensing System (NMLS) as the system of record.
350 words, about 2 min02Federal Laws and Regulations Governing Mortgage Lending
Loan Estimate: delivered or mailed no later than 3 business days after application, and received at least 4 business days before consummation (7 if mailed). Closing Disclosure: received at least 3 business days before consummation.
341 words, about 2 min03North Carolina Mortgage Licensing Law and Commissioner of Banks Authority
North Carolina licenses mortgage companies and originators under the Mortgage Lending Act, Chapter 53, Article 19B of the General Statutes. The Commissioner of Banks, appointed by the Governor and supported by the Office of the Commissioner of Banks (NCCOB), administers the Act.
354 words, about 2 min04North Carolina Prohibited Practices, Advertising, and Consumer Protection
Originating or brokering without a license, or employing an unlicensed MLO. Fraud, misrepresentation, or concealment in any loan transaction.
369 words, about 2 min05North Carolina MLO Conduct, Recordkeeping, and Examination
Act in good faith and with fair dealing; never misstate loan terms, costs, or timelines. Take applications and provide disclosures only on behalf of a sponsoring licensee.
375 words, about 2 min06Mortgage Origination General Knowledge: Products, Disclosures, and Underwriting Basics
Conventional conforming: Fannie/Freddie eligible; PMI generally required above 80% LTV. FHA: government-insured, lower credit thresholds, mortgage insurance premium typically for the life of the loan.
350 words, about 2 min07Ethics and Fair Lending
The Equal Credit Opportunity Act, the Fair Housing Act, and their implementing rules prohibit discrimination based on race, color, religion, national origin, sex, marital status, age, receipt of public assistance, exercise of rights under the Consumer Credit Protection Act, familial status, and disability, with reasonable accommodations required. North Carolina's State Fair Housing Act largely mirrors the federal classes, and some local ordinances add more.
330 words, about 2 min