100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
North Carolina NMLS Exam Questions with 100% Correct Answers | Graded A+ $11.99
Add to cart

Exam (elaborations)

North Carolina NMLS Exam Questions with 100% Correct Answers | Graded A+

 0 purchase

North Carolina NMLS Exam Questions with 100% Correct Answers | Graded A+ SAFE MLA - The Secure and Fair Enforcement For Mortgage Licensing Act Article 19B Joseph A. Smith Jr. - North Carolina-Commissioner of Banks. The office of the commissioner of banks, together with the NC banking commis...

[Show more]

Preview 2 out of 14  pages

  • January 27, 2025
  • 14
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
All documents for this subject (1424)
avatar-seller
JOSHCLAY
North Carolina NMLS Exam Questions
with 100% Correct Answers | Graded A+

SAFE MLA - ✔✔The Secure and Fair Enforcement For Mortgage Licensing Act

Article 19B

Joseph A. Smith Jr. - ✔✔North Carolina-Commissioner of Banks. The office of

the commissioner of banks, together with the NC banking commission, is

responsible for the chartering and regulation of the NC state banks and trust

companies, as well as registering & licensing of various financial institutions

operating in NC including check-cashers, consumer Finance companies,

Mortgage Bankers, Mortgage Brokers, Money Transmitters and Refund

Anticipation Lenders.

North Carolina General Statutes � 53-244040 (b) says there are four types of

licenses issued to businesses under the Mortgage Lending Act as revised by the

North Carolina S.A.F.E Mortgage Licensing Act. Three of those are: (1) Mortgage

Broker License, (2) Mortgage Lender License, and (3) the Mortgage Servicer

License. What is the fourth? - ✔✔The Mortgage Bankers License has been

replaced by the Mortgage Lender's License. Mortgage Processors who do just

clerical work do not typically need to be licensed North Carolina General

1|Page
©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025.

, Statutes � 53-244030 (16). A Mortgage Loan Originator's license is for an

individual. The correct answer is the license for the Exclusive Mortgage Broker.



(NOTE WELL: Many compliance gurus and Compliance Attorneys believe that it

is a good idea to have your processors licensed as Mortgage Loan Originators in

North Carolina But the official North Carolina Position is that the State does not

require it.)

Which of the following is not authorized to make reverse mortgage loans

without being approved as a reverse mortgage lender? - ✔✔The correct answer

is "D"



Licensed mortgage lenders must also be approved as an authorized reverse

mortgage lender in order to make reverse mortgage loans. Mortgage Brokers

are not authorized to originate reverse mortgages in North Carolina.

Renewal fee for Mortgage Loan Originators - ✔✔All MLO licenses expire on the

31st day of December. A license may be renewed after Nov. 1st of each year.

A licensed MLO shall pay an annual fee of ($125.00) (plus a $30.00 NMLS fee =

$155.00 Annually. After December 31st there will be an additional late fee of

$100.00 for a total fee of $255.00

2|Page
©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller JOSHCLAY. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $11.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

69252 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$11.99
  • (0)
Add to cart
Added