Initial Education Requirements Before applying for a Mortgage Loan Officer License, an individual must have: Completed a Mortgage 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,within a one year period preceding the date of application.  Please note: The NC Mortgage Loan Officer Test will consist of 100 items effective October 1, 2008. Continuing Education Requirements Except for their first year of licensure, Loan Officers are required to complete eight (8) hours of North Carolina approved continuing education courses to be eligible for renewal by December 31st. In order to facilitate a timely renewal and avoid additional paperwork, all Loan Officers are strongly encouraged to complete this work prior to October 31st of each year so that these education hours can be documented in the renewal notices which are sent out each October. Failure to meet this requirement may result in loss of license or having to apply and meet all initial educational requirements including the North Carolina Loan Officer Licensing test. Loan Officer License Renewal Loan Officer licenses will expire December 31st. To be eligible for renewal, a licensee must remain in good standing under the law, pay the $97.50 (which includes a $30 NMLS fee) annual renewal fee, and have completed at least 8 hours of mortgage lending education approved by the Commissioner, during the fiscal year ending December 31st. A new licensee's* continuing education is waived for the first renewal period. *(New licensee is an individual who has successfully completed the NC Mortgage Fundamentals Course and passed the approved examination within the previous 12 months ending December 31st). Failure to renew by December 31st will result in automatic expiration of an individual's license and will require a $100 re-instatement fee in addition to the $97.50 renewal fee for a total of $197.50. If not renewed within 60 days after December 31st, the licensee must file an initial application and satisfy all initial education and testing requirements and undergo a background check. Loan Officers can check their education hours online by using the licensee search or education history to verify education courses that have been taken are properly recorded and are up-to-date. If within a reasonable time after taking a course your record has not changed, contact the provider to ensure that the provider has notified the Commissioner of your hours. Reinstatement of an expired Loan Officer License Prior to February 28th 1.   Without a valid license, it is unlawful for anyone to "act as a mortgage broker, lender or loan officer" as such term is defined in the Mortgage Lending Act. 2.   Follow the steps below to renew your expired license: Take an approved continuing education course to acquire the mandatory 8 hours of education if education hours are insufficient. Submit renewal and pay fees online at NMLS  (Total fees $197.50 which includes $100 late fee) 3.  Licenses will not be renewed after February 28th. Instead, if you wish to continue in the mortgage lending business, you will be required to submit a new MU4 filing on the NMLS website, pay all the fees, take the fundamentals course and pass the test. Additionally, acting as a loan officer without a license may subject one to civil or criminal action and penalties. If your license status is shown as "Expired" and you wish to reinstate, you must do so before February 28th.

 Rev. 1/26/2009