If you’re interested in starting a career in the mortgage industry, you may be wondering, “How much does it cost to become a North Carolina mortgage loan officer?” You’ll be happy to know that the process of becoming a mortgage loan officer (MLO) is less expensive and less time-consuming compared to starting many other careers. Here’s a quick breakdown of MLO start-up costs so that you can budget accordingly.
MLO pre-licensing classes and training
Estimated cost: $399+
To earn your North Carolina MLO license, you must complete 24 hours of NMLS-approved pre-licensing education. Click here to find high-quality, online North Carolina MLO pre-licensing course packages starting at $399, brought to you by Superior School of Real Estate and Learn Mortgage. If you decide to invest in an exam prep program on top of your MLO pre-licensing classes, you can expect to pay an additional $90–$149.
MLO exam fee
Estimated cost: $110
After you’ve completed your pre-licensing education requirements, you’ll need to pass the national and state components of the SAFE MLO test. The examination fee for the SAFE MLO test is $110.
MLO licensing fees
Estimated cost: $206+
Fees for obtaining a North Carolina Mortgage Loan Originator (MLO) license include the NMLS processing fee ($30) and the North Carolina state application fee ($125). Additionally, you’ll have to pay for a credit report ($15) and FBI criminal background check ($36.25) as part of the licensing process.
Estimated cost: $138+/year
To maintain your North Carolina MLO license, you must complete at least 8 hours of NMLS-approved continuing education (CE) courses and apply for license renewal each year. Click here to browse continuing education course packages in North Carolina starting at $138.
Thinking about starting a mortgage career?
With online mortgage lending education, you can earn your MLO license on your own time, at your own pace. For a step-by-step overview of the licensing process, read our post, How to Become a Mortgage Loan Officer in North Carolina. Still on the fence? Check out our post, 6 Benefits of Becoming a North Carolina Mortgage Loan Officer.