North Carolina Mortgage Servicers Bond

North CarolinaHB 2463, enacted on 08/17/2008, is a new North Carolina state law. HB 2463 manages mortgage servicers and requires them to follow the same licensing, bond and qualification provisions as mortgage lenders. The existing law requires a surety bond of $150,000. Alternatives to the bond are cash or securities in the same amount; as well as is a financial statement representing a net worth of $250,000. Existing law already authorizes and gives precedence to direct customer claims. HB 2463 became active on January 1, 2009.