Exemptions from Licensing

North Carolina General Statutes Chapter 53, Article 19B (Mortgage Licensing Act "MLA") requires that residential Mortgage Lenders, Brokers and Mortgage Loan Originators engaged in making residential mortgages secured by NC real estate be licensed by the Commissioner of Banks unless exempt by law.

Exempt entities are nonetheless required by law to file a Claim of Exemption. There is no fee for filing; however, failure to file for an exemption may result in a penalty of $250 for each year of non-compliance.

Bases for Exemption

Exempt entities are banks, thrifts, credit unions and their wholly owned subsidiaries. The various bases for claiming exemption are set out in the Mortgage Licensing Act, Section 53-244.040(d). Note that employees of exempt entities are also exempt from the MLA's Mortgage Loan Originator licensure requirement and will be treated as exempt without filing individually to claim exempt status.

Note: Contact (919) 733-3080 for assistance with your claim.

The Office of Commissioner of Banks may take up to 30 days to process claims of exemption. If there are questions regarding your application, you may be requested to furnish additional information. If the NCCOB agrees with your claim, you will be notified by letter that the exemption request has been approved.

Claimants are required to keep all information on file with the Commissioner current. If the information contained in an initial claim of exemption filing changes in any material respect, the Claimant must notify the Commissioner within 15 days of the effective date of such change.