Mortgage Lender
Renewal Checklist
Agency Requirements
This document includes renewal instructions for a request made by a Mortgage Lender.
Mortgage Lender renewal costs: Renewal fee is included in the Annual Assessment Invoice; however there is a $100 NMLS processing fee.
Each Control Person must be separately identified and included in the Control Person section of the NMLS Form MU1. A Control Person is any person(s) who: (i) is a qualifying individual (as defined in the NC SAFE Act), director, general partner or executive officer; (ii) directly or indirectly has the right to vote 10% or more of a class of voting securities or has the power to sell or direct the sale of 10% or more of a class of voting securities; (iii) in the case of an LLC, managing member; or (iv) in the case of a partnership, has the right to receive upon dissolution, or has contributed, 10% or more of the capital. A Form MU2 will then be generated requiring completion of biographical information for each Control Person.
Use the Mortgage Lender checklist below to complete the renewal requirements for the North Carolina Commissioner of Banks.
The checklist provides instructions and requirements for information to be entered and uploaded in NMLS in addition to documents that must be provided outside NMLS.
*Renewal season is open November 1st – December 31st
Requirements that are not completed within the renewal time period will be placed in a Terminated – Expired Status.
NMLS Company Unique ID Number:
Applicant Legal Name:
Completed / NC Mortgage LEnder RENEWAL CHECKLIST /SURETY BOND. Must maintain Mortgage Lender Surety Bond in the
amount of $150,000 or more.
Annual Report Questionnaire. Prior to the submission of the mortgage lender renewal request, the Annual Report Questionnaire (‘”ARQ”) must be filed via NCCOB’s website.
Mortgage Assessment Invoice. Prior to the submission of the mortgage lender renewal request, NCCOB’s Assessment invoice must be paid.
Qualifying Individual. Each licensee is required to have a
Qualifying Individual (QI) with three years of residential mortgage lending
experience. Use the QI section of the NMLS Form MU1 to identify the QI.
Form MU2 will then be generated requiring completion of biographical
information for the QI. Only one QI may be identified for North Carolina.
FINANCIAL STATEMENTS. Prior to submitting the mortgage lender renewal request, the company must provide an audited financial statement prepared by a Certified Public Accountant in accordance with Generally Accepted Accounting Principles reflecting a positive net worth of at least $100,000.
Certificate of EXISTENCE. Provide a Certificate of Existence or its equivalent from the NC Secretary of State’s office indicating that the company is in good standing.
WAREHOUSE LINE. Prior to submitting the mortgage lender renewal request, the company must provide evidence of a warehouse line of credit (a copy of the fully executed agreement) of one million dollars ($1,000,000) or other funding capacity.
FEE SCHEDULE. [NOTE: this requirement only applies to lenders who also service.) Company needs to verify that, on or after November 1, the current fees entered are still correct (under the Verification Date section). Submit a new fee schedule, if applicable. This verification may be completed on the NCCOB’s website.
DISCLOSURE QUESTIONS. Provide complete details of all events or proceedings for any “Yes” answer to the Disclosure questions for the company or any Control Person. Details should include but are not limited to: court or jurisdiction, charge or complaint, case number, current status, last action date, next action date (if unresolved), etc. Upload a copy of any applicable orders or supporting documents in NMLS.
The regulator will review the filing and all required documents and communicate with you through NMLS. To review your status or see detailed communication from the regulator, click on the Composite View tab and then click on View License/Registration in NMLS. View the License Status Quick Guide for further instructions.
WHO TO CONTACT – If you have questions regarding your renewal, please email your point of contact listed below.
Company Name / Point of ContactA-C / Vannessa Clark -
D-J / Vivian Laney-Dobbin-
K-O / Christi Gering-
P-S / Lisa Johnson-
T-Z or Starting with # / Jennifer Winborne-
2015RC01
Updated: 10/22/2014
Page 2 of 3