License Application and Renewal
1. Q: I've never been licensed as a Mortgage Loan Originator. How do I get a Mortgage Loan Originator License?A: You must submit a MU4 filing through the NMLS website. Generally, you will need to complete a pre-licensing mortgage lending course from one of the approved providers (also listed on this site), pass a test, submit a filing, including authorization for this office to obtain a credit report and conduct a criminal background check, and pay the initial application filing fee of $155.00 (includes a $30 NMLS fee), plus the background check fees of $47 for a total of $202.00. The NCCOB will process your application and, if approved, you will be granted a license.
2. Q: What are the steps to licensing?A: A Mortgage Loan Originator candidate must:
· View the state checklist prior to applying for a license
· Establish a unique identifier in NMLS
· Review the NC Prelicensing (PE) standards prior to registering for a PE course
· Complete the 24 hour prelicensing course from the approved list in the NMLS course catalog
· Pass the SAFE Act Test which is comprised of two components: A National Component and NC State specific component at an official testing center. See detailed information found in the NMLS Resource Center
· Submit MU4 filing online via the NMLS website (Total fee $202)
· Submit all documentation associated with any "Yes" responses acknowledged on the disclosure questions listed on the MU4 form. These documents should be mailed to: NC Commissioner of Banks; 4309 Mail Service Center, Raleigh, NC 27699-4309.
3. Q: It's time for me to renew my Mortgage Loan Originator license and I have fewer than the minimum required hours of continuing education. What can I do?A: All licensed Mortgage Loan Originators must complete annually all required continuing education hours by December 31st. If by December 31st you have not completed your required eight hours, you will not be eligible to renew your license. After December 31st you will be unable to renew your license because you failed to obtain the education required within the license year, and your license cannot be re-instated.
4. Q: How long is a license valid?A: A license is valid from date of issue through the next December 31st. License fees will not be prorated for licenses issued or renewed after January 1st.
5. Q: My Mortgage Loan Originator license has expired. What are my options?A: If you completed your eight hours of continuing education prior to December 31 and it is prior to the last business day of February, you may pay a $100 re-instatement fee and the annual renewal license fee, of $97.50 (which includes a $30 NMLS fee.).
6. Q: My Mortgage Loan Originator license has expired and the late renewal period is over. What do I need to do?A: In this situation you must reapply. Follow the steps below to apply for a new NC Mortgage Loan Originator license:
I. Review the “date prelicensing (PE) course was taken” in NMLS. If the PE (24 hour course) is less than three (3) years prior to the submission of your new application through NMLS, the education will be considered. If course was taken more than three (3) years ago, you will need to complete the PE course again.
III. A Criminal Background Check (CBC) is required each time an application is submitted through NMLS. Fingerprint results are only credible at time of submission.
IV. Submit a new NC Mortgage Loan Originator MU4 filing through the NMLS website and pay the total licensing fee of $202.00 (which includes a $30 NMLS) processing fee). All fees are non-refundable.
7. Q: The MU4 filing states that I must submit two fingerprint cards; I thought North Carolina only required one fingerprint card?A: North Carolina only requires one fingerprint card to be submitted through the NMLS.
8. Q: Do you accept “Live Scan” fingerprint cards?
A: Effective January 25, 2010, NMLS provides the functionality within the system to process fingerprints for the purpose of obtaining a federal criminal background check (CBC) through the Federal Bureau of Investigation. Individual mortgage loan originators that live within North Carolina will be able to submit their fingerprints “live scan” with the NMLS-approved fingerprinting vendor, FieldPrint. Out of state licensees, will have to process a paper card for their fingerprints. See Electronic (Live Scan) vs. Paper Card Fingerprint Capture here for more details.
9. Q: Where do I need to go to get fingerprinted
A. Fingerprinting is a 4 step process:
1. Log in to your NMLS account and request a federal CBC (see Submitting a CBC Request Quick Guide). 2. Access the CBC Certificate after submission or in NMLS Composite View to obtain the PIN. 3. Schedule an appointment with the NMLS-approved fingerprinting vendor (follow the instructions in the Submitting a CBC Request Quick Guide) and have your fingerprints captured (vendor locations can be viewed when you enter the scheduling site).
1. Log in to your NMLS account and request a federal CBC (see Submitting a CBC Request Quick Guide).
2. Access the CBC Certificate after submission or in NMLS Composite View to obtain the PIN.
3. Schedule an appointment with the NMLS-approved fingerprinting vendor (follow the instructions in the Submitting a CBC Request Quick Guide) and have your fingerprints captured (vendor locations can be viewed when you enter the scheduling site).
4. Fingerprints are automatically processed with results reported back to NMLS and available to relevant regulators.
10. Q: What information MUST be filled out on the fingerprint card?A: Since you will be requesting a Criminal Background Check on NMLS, the only demographic information you will enter online for the card will be your hair color, eye color, height, weight, and race.
11. Q: Is an Authority for Release Form required when processing my fingerprint card?A: No. When you process your Criminal Background Check online with NMLS, a legal attestation will appear at the bottom of the screen just before you “submit filing”.
12. Q: May an individual accept mortgage loan applications after satisfactorily completing the written licensing examination?A: No. It is unlawful for any person in this State to act as a mortgage broker, lender or mortgage loan originator, or directly or indirectly to engage in the business of a mortgage broker or a mortgage lender, without first obtaining a license from the Office of Commissioner of Banks.
Rev. 4/8/2010