North Carolina Mortgage Broker Bonds

License Overview

Mortgage Brokers in the state of North Carolina are regulated by the North Carolina Commissioner of Banks. They regulate the Bankers and Brokers according to Mortgage Lending Act that became effective on July 1, 2002. It requires that anyone wishing to act as a loan broker or banker must be licensed according to the statutes within the ACT.

The Surety Bond requirement for a Mortgage Broker is $50,000 if acting as a Mortgage Broker only. If you are doing any lending then there is a $100,000 - $150,000 requirement. One thing you need to be aware of with the bond in North Carolina is they have a 90 day cancellation clause listed in the bond form. This means when you are renewing your bond annually, payment will be due for the bond 90 days before the bond actually expires. This gets many Broker and Lenders in trouble with the state by missing the dates the premium is due.

Bad Credit North Carolina Mortgage Broker Bonds

Any applicant with less than perfect credit is encouraged to apply with JW Bond Consultants, Inc. We have a special program that is tailored to meet the needs of applicants that are considered higher risk.

North Carolina License Requirements

Age: 18

State Residency: Physical Location is required for Brokers not Lenders

Experience: 2 years

Education: Pre-licesning

Continuing Education: Yes

Net Worth: None for broker

Surety Bond: $50,000 for brokers and $150,000 for lenders

Free Surety Bond Quote

Background Check: Criminal check and credit check

North Carolina State Licensing Fees

Initial Application: $1,000

Branch Location: $500

Renewal Application: $

Branch Offices:

In State Requirements: Must have physical location

Licensure Requirements: Officer must be licensed

Branch Manager: Must have a loan Originator with at least 3 years experience

Exemptions:

Entities: Bank, Trust Company, Savings and Loan Company, Credit Union, Real Estate Investment Trusts, Attorney, Person acting under the court.

Safe Harbor: None

*This Information for licensing is provided only as a quick reference, make sure you contact the state to verify all information prior to making your application.

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Commercial Bonds

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