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What is a “Qualifying Individual?

April 26, 2017individual Qualifying

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What is a “Qualifying Individual?

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A Qualifying Individual is an individual designated by the licensed Mortgage Lender or Broker as the person who has primary responsibility for the operations of the licensed company. Although the Qualifying Individual is the person that the OCOB will contact in the event of a consumer complaint or other problem, he/she is not required to be physically located in North Carolina nor in every case must he/she hold a Mortgage Loan Originator license. This individual must have at least three years of experience in the mortgage lending business and will be expected to have at least as much knowledge regarding the lending operations as any licensed Mortgage Loan Originator. The Qualifying Individual, if licensed as a Mortgage Loan Originator, may also serve as the Branch Manager for no more than one Branch Office.