In order to be eligible to renew your NC Mortgage Company, Branch(es), and sponsored Loan Officer license(s), you must first transition your existing license(s) to the Nationwide Mortgage Licensing System (NMLS) before submitting a renewal filing. Once you have submitted a Transition Request filing(s) in NMLS for your existing license(s), your license(s) must be in one of the "Approved” statuses in order to be eligible to renew. Waiting until November or December to submit a Transition Reguest filing(s) may prevent on-time renewal of your license(s). To check your current license(s) status(es), follow the instructions in the ‘Manage License Status Quick Guide’ located at the state regulatory registry website at www.stateregulatoryregistry.org/NMLS.
Note: Loan officers not currently sponsored by your company (Sponsorship Request is being reviewed) will not be listed under NMLS Renewals and may have a license status of ‘Approved-Inactive’.
Records must be up-to-date at time of renewal. Under the provisions of the Mortgage Lending Act (MLA), all licensees are required to keep all material information filed with the Commissioner of Banks up-to-date and current by notifying this office of any change. Any amendments or changes to your company and/or branch records must be made prior to renewal. We STRONGLY recommend that you review your NMLS record prior to November 1, 2008 and submit any necessary updates to allow sufficient time for our office to review the changes prior to renewal. Waiting until November or December to submit amendments may delay renewal of your license. Companies that have not submitted their 2008 revised surety bond, 2007 Annual Report Questionnaire, or currently have a negative net worth will not be approved for renewal.
Beginning October 13th, all companies in one of the “Approved” statuses must attest that their record is up-to-date and renewal requirements for North Carolina have been met. A company will have the option to either renew and pay for its sponsored licensed loan officer(s) or delegate the responsibility to the loan officer(s). We encourage companies to submit a renewal for the company, all branches, and all sponsored loan officers together, as one filing, to expedite the renewal process.
Annual License Renewal Fee (Company) $725
Annual License Renewal Fee (Per Branch) $145
Annual License Renewal Fee (Per Loan Officer) $ 97.50
Beginning November 1st, once attestation is complete, companies can login to NMLS and request renewal of their license(s). The Renewal Period will begin November 1st and end December 31st. A license that is not renewed on or before December 31, 2008 will automatically expire. To reinstate a license requires payment of a $250 reinstatement fee in addition to the annual renewal fee. The deadline for reinstatement of a license is February 28, 2009; thereafter, a new application for licensure must be filed. All fees are non-refundable.
Payment of the State Licensing/Registration Renewal Fee and NMLS Processing Fee will be required in order to submit a renewal filing.
Rev. 10/21/2008