Loan Officer license applicants must have passed the NC Loan Officer License Test within 90 days preceding the date of application.  The test is given at several locations across North Carolina by a private testing company under contract with the NC Commissioner of Banks.

INITIAL EDUCATION:
Before applying for a Mortgage Loan Officer License, an individual must have:

	Completed a Mortgage Fundamentals Course approved by the COB (Commissioner of Banks), within the three-year period immediately preceding the date of the application and,
	Passed the NC Mortgage Loan Officer License Test at an official testing center, within the 90-day period preceding the date of application.
	The Mortgage Lending Act requires each initial applicant must have eight hours of classroom instruction.

RENEWAL:
TLoan Officer licenses will expire on June 30 of each year (the current fiscal year of NC Commissioner of Banks). Credit if given for the licensing year (July 1 through June 30). To be eligible for renewal, a licensee must remain in good standing under the law, pay $50.00 annual renewal fee, and have completed at least 8 hours of mortgage lending education approved by the Commissioner, during the fiscal year ending June 30. * All grandfathered applicants must obtain 8 hours of continuing education in order to renew. 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 June 30.)

Licensees are strongly encouraged to complete their required coursework by April 30 of each year to avoid submission of additional paperwork to document renewal eligibility.

Failure to renew by June 30 will result in automatic expiration of an individual's license and will require a $250.00 re-instatement fee in addition to the $50.00 renewal fee. If not renewed within 90 days after June 30, the licensee must file an initial application and satisfy all initial education and testing requirements and undergo a background check.

* “Application for Loan Officer License under Grandfather Provisions” must have been filed before October 1, 2002. These are persons employed as Loan Officers on July 1, 2002 by either (1) a registrant under former Article 19 or (2) a supervised HUD-approved lender. These individuals will not be required to satisfy the initial minimum mortgage lending education or testing requirements under the Act. At renewal in the following year, all Loan Officers will be required to demonstrate that they have satisfied the Act's continuing education requirements.

RENEWAL DATE:
June 30 of each year.

LIVE TRAINING CLASSES OFFERED:
The following are approved courses. Approval indicates that the course meets state specific education requirements only.

 Qualifying the Self-Employed Borrower
    Approved for 5 Hours with Proctored Examination.

 Understanding FHA Loans
    Approved for 5 Hours with Proctored Examination.

 Understanding VA Loans
    Approved for 6 Hours with Proctored Examination.

  Guidelines for Taking A Detailed Loan Application
    Approved for 8 hours of CE with Proctored Examination.

FOR MORE INFORMATION:
Call (800) 229-8556 with any questions regarding Continuing Education.
Email: customerservice@capinst.com

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