LoanOfficers

NC Mortgage Loan Officer Licensing

Licensing Overview

The Mortgage Lending Act ("MLA" as codified in NCGS Chapter 53, Article 19A) requires that the NC Commissioner of Banks ("NCCOB") license any person engaged in the business of making or brokering residential mortgage loans. Persons or entities that must be licensed include:

Mortgage Lenders, which includes all mortgage makers, except Mortgage Brokers who Table-Fund;
Mortgage Brokers; and
Loan Officers or Limited Loan Officers*.

Note: A Loan Officer or Limited Loan Officer is an individual of at least 18 years of age who, in exchange for compensation as an employee of another person, accepts or offers to accept applications for mortgage loans. Loan officer or Limited Loan Officer does not include an employee of a licensee whose responsibilities are limited to clerical and administrative tasks for his or her employer and who does not solicit borrowers, accept applications, or negotiate the terms of loans on behalf of the employer.

Exemption Provisions

Under exemption provisions of the MLA, certain mortgage lenders, brokers and their loan officers are not required to be licensed. Generally, this includes banks, thrifts, credit unions, their wholly-owned subsidiaries and their loan officers. Employees of exempt entities are not required to file to claim an exemption individually.

Initial Education Requirements and Testing

Before submitting a MU4 filing, through NMLS, an individual must have:

Completed a Mortgage Lending Fundamentals course approved by the NCCOB, within the three-year period immediately preceding the date of the application
Please note: The Mortgage Lending Fundamentals course will consist of 24 hours of classroom instruction effective October 1, 2008.
Passed the NC Mortgage Loan Officer Test at an official testing center.
Please note: The NC Mortgage Loan Officer Test will consist of 100 items effective October 1, 2008.

Loan Officers and Limited Loan Officers can check on the status of their application/license online by using the licensee search.

Background Investigations

Applicants are subject to investigations of their criminal, civil, educational, employment/business and credit histories. Applicants must obtain a fingerprint card from the NCCOB, take it to a local law enforcement agency to have their fingerprints made. Applicants must submit the fingerprint card with their fingerprints on it and the form (Authority for Release of Information) consenting to a state and national criminal history record check once application has been filed. Providing your social security number is mandatory and authorized under the provisions of NCGS Chapter 53 in order to conduct these investigations.

Sample Fingerprint Card
Fingerprint Card Instructions

Filing Fees

The initial license fee for a Loan Officer is Ninety-Seven Dollars and Fifty cents (including a $30 NMLS fee) for any portion of a License year ending December 31, 2008; plus the $46 fee to cover the cost of obtaining a credit report and conducting a criminal history check. These fees must be paid through the NMLS system. All fees are non-refundable.

Continuing Education Requirements

Except for the first year a loan officer is licensed, in order for the license to be renewed the Loan Officer must have satisfactorily completed eight (8) hours of continuing education courses approved by the Commissioner. Failure to satisfy the ongoing continuing education requirements will render a licensee ineligible for renewal. Normally, the course provider will submit a list of students who successfully completed a course directly to our office, but each Licensee is responsible for retaining proof of meeting this requirement. A list of approved continuing education courses is maintained on this website.

A CONTINUING EDUCATION COURSE MAY NOT BE REPEATED WITHIN A 3-YEAR PERIOD. LOAN OFFICERS REPEATING A COURSE WILL NOT RECEIVE EDUCATION CREDIT HOURS.

Notification of Changes to an Applicant's/Licensee's Information

Licensees are required to keep all material information on file with the Commissioner current as well as notify the Commissioner of employment changes (starting/ending employment with a licensed Mortgage Lender or Broker).

If the information contained in the application or on file with the NCCOB changes in any material respect, the licensee must notify the NCCOB of the change using the NMLS website. Any change requiring the license to be reissued will also require payment of a $25 re-issuance fee, as indicated on the form or online.

Rev. 09/25/2008