Surrender/Cancellation Checklist NC Jurisdiction-Specific ...

1 Updated: 9/25/2018 Page 1 of 2 north carolina mortgage lender LICENSES urrender/Cancellation ChecklistJurisdiction-Specific RequirementsInstructions1. Notification of Surrender/Cancellation must be submitted through the Nationwide Multistate Licensing System and Registry (NMLS). 2. There is no cost to surrender or cancel a license . 3. The jurisdiction specific requirements identified below must be received with this Checklist within 5 business days of the electronic submission of your request by an upload to our north carolina Commissioner of Banks (NCCOB) website at: , or by email to NCUpdated: 9/25/2018 Page 2 of 2 NMLS Unique ID Number: _____Licensee Legal Name:_____ATTACHEDNOT APPLICABLEITEM Notification to NCCOB.

2 Notify NCCOB of the intent to cease operations by submitting a termination - Surrender/Cancellation request through the NMLS. Pipeline Report: Submit a pipeline report to NCCOB Online with a list of applications in your pipeline. Include the borrower s name, address, loan amount, terms, NC licensed lender name and NMLS ID or exempt lender details and other applicable information so that NCCOB can respond to inquiries from lenders or borrowers. Prior to dissolution or going out of business, clear the pipeline by closing or transferring loan files, with the borrower s consent, to another company who will complete the loan process.

3 Complaints: Resolve any outstanding complaints on file with NCCOB. Examination: Resolve any outstanding examination issues with NCCOB. Reports: Complete the most recent year-end Annual Report Questionnaire and any quarterly data reports that are due via NCCOB Online. Complete any outstanding mortgage Call Reports in NMLS. Assessment: Pay the annual assessment through the : NCCOB will submit an invoice for the assessment through the NMLS during the Surrender/Cancellation process. Books and Records: Arrange for the storage of books and records for three (3) years.

4 Notify NCCOB in writing of the storage location, the format in which records will be stored, and who to contact, including a telephone number and email address. Note: Schedule destruction of the books and records at the end of the three (3) year period. All confidential information must be destroyed by shredding, pulverizing, or burning. Surety Bond: Notify the surety bond company of the Surrender/Cancellation of the license . Servicing: If your company services loans or acts as a master servicer business activity, review and complete all steps on the servicing surrender Checklist .

5 WHO TO CONTACT Contact the NC mortgage Licensing Division staff by phone at (919) 733-3016 or send your questions via e-mail to for additional APPLICANT/LICENSEE IS FULLY RESPONSIBLE FOR ALL OF THE REQUIREMENTS OF THE license THAT IS BEING SURRENDERED OR CANCELLED. THE JURISDICTION SPECIFIC REQUIREMENTS CONTAINED HEREIN ARE FOR GUIDANCE ONLY TO FACILITATE surrender OR CANCELLATION THROUGH THE NMLS. SHOULD YOU HAVE QUESTIONS, PLEASE CONSULT LEGAL COUNSEL.