How to Become a Mortgage Broker in North Carolina
If you work in the residential mortgage field, you may wish to become a mortgage broker. Each state is different in its requirements for mortgage brokers, but North Carolina requires its mortgage brokers who are practicing alone to also be licensed as loan officers. The requirements for each are a little different, but also overlap.
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Instructions
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Complete at least three years of experience in the residential mortgage business. This experience is required in order to become a licensed loan officer. Mortgage brokers who operate as a sole proprietor must be licensed as both a mortgage broker and a loan officer.
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Complete a Fundamentals of Mortgage Lending class from an approved provider to be a licensed loan officer. Many community colleges and technical schools offer these classes. The North Carolina Association of Mortgage Professionals can advise you further on education requirements.
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Pay the $1,000 application and license fee to become a mortgage broker. Also complete an application and pay a $50 fee for the loan officer license. If you are registering additional mortgage broker offices, the fee is $100 per additional office. There is a $500 fee each year to renew your mortgage broker license.
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Pass an examination to become a licensed loan officer and provide a surety bond to the state of North Carolina in the amount of $50,000.
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Provide a credit report, business and employment history to the state.
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Complete eight continuing education credits each year to remain licensed.
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Tips & Warnings
A poor credit history may keep you from becoming a mortgage broker in North Carolina.
Resources
- Photo Credit Photo by Alexandra Kalina
