Mortgage Exemptions

Exemptions from Licensing

Effective July 31, 2009, the “North Carolina Secure and Fair Enforcement (S.A.F.E.) Mortgage Licensing Act” (NC SAFE Act), codified in  NCGS Chapter 53, Article 19B, requires any entity engaged in the business of making or brokering residential mortgage loans secured by North Carolina real estate to be licensed by the NC Commissioner of Banks (“NCCOB”), unless exempt.

The NC SAFE Act exempts individuals in certain situations, see frequently asked questions and answers for more details. Depository institutions, subsidiaries that are owned and controlled by a depository institution and regulated by a federal banking agency, or institutions regulated by the Farm Credit Administration are required to file a claim of exemption in order to be exempt under the NC SAFE Act. Note that employees of exempt entities are also exempt from the NC SAFE Act's Mortgage Loan Originator licensure requirement and will be treated as exempt without filing individually to claim exempt status.

Notice of Exemption

The Office of Commissioner of Banks may take up to 30 days to process claims of exemption. If there are questions regarding your application, you may be requested to furnish additional information. The NCCOB will notify you regarding the acceptance or denial of the claim of exemption filed with our office.

Notification of Changes

Claimants are required to keep all information on file with the Commissioner current. If the information contained in an initial claim of exemption filing changes in any material respect, the Claimant must notify the Commissioner within 15 days of the effective date of such change.

Who To Contact

Please see our Contact Us page for contact information.