NC H616

Establishes a new "transitional mortgage loan originator" license category in North Carolina's mortgage licensing law, limited to a maximum term of 120 days and not subject to renewal or extension.

Requires transitional mortgage loan originator applicants to be at least 18 years old, hold an active mortgage loan originator license from another U.S. state or territory, have at least 2 years of originator experience, maintain current registration with the Nationwide Mortgage Licensing System and Registry, and provide employer certification.

Sets the application fee for transitional mortgage loan originator licensure at $125.00, the same as regular mortgage loan originator licenses, plus actual costs for credit reports, criminal background checks, and NMLS fees.

Applies the same regulatory requirements to transitional originators as standard originators, including surety bond coverage, unique identifier display requirements, employment restrictions, and Commissioner investigative authority.

Effective September 1, 2013, for applications filed on or after that date.