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North Carolina Mortgage Broker License: Step-by-Step Guide

In the state of North Carolina, anyone engaged in the residential mortgage loan business must obtain a state license. The North Carolina Commissioner of Banks (NCCOB) regulates and issues all mortgage licenses.

The application process for most mortgage licenses is handled by the Nationwide Mortgage Licensing System (NMLS). NMLS allows mortgage entities and individuals to apply or renew a license online.

Types of Mortgage Licenses in North Carolina

North Carolina has three major state license types: Company, Branch, and Individual. Each license type depends on the work you are going to perform. In NC, Reverse Mortgage lenders are also required to obtain a state license; the application process is handled by NC Commissioner of Banks.

In this guide, we’ll cover the most common licenses only. You can review the full list on the NMLS website or NCCOB website.

Most Common Company Licenses

  • Mortgage Broker License - allows companies and sole proprietors to accept mortgage loan applications as well as solicit mortgage loans and negotiate the terms of the loans, issue mortgage loan commitments and/or engage in table funding mortgage loans for NC residential properties.
  • Mortgage Lender License - allows companies and sole proprietors to close mortgage loans and advance funds for residential properties within North Carolina. Mortgage Lender licensees may also engage in servicing activities (for residential mortgage loans) without obtaining a separate servicer license.
  • Mortgage Servicer License - permits companies and sole proprietors to receive periodic payments from borrowers (in accordance with the terms of any mortgage loan) and make the payments of principal and interest for residential mortgage loans.
  • Reverse Mortgage Lender License - allows entities to engage in reverse mortgage activities and make payments to borrowers using the home’s equity. For further information, as well as a detailed description, you may visit NCCOB’s Reverse Mortgage Lenders page.

Most Common Individual Licenses

  • Exclusive Mortgage Broker License - required of individuals who perform Mortgage Broker activities exclusively for a single licensed Mortgage Broker or Mortgage Lender. Note that applicants for this license must also apply for a North Carolina Mortgage Loan Originator license.

North Carolina State Requirements

All license applications, except the Reverse Mortgage Lender License , must be submitted online via NMLS. Note that some agency-specific documentation, such as the original surety bond form, must be mailed directly to NCCOB at NC Commissioner of Banks Office, Mortgage Division, 4309 Mail Service Center, Raleigh NC 27699-4309 .

Note: The completed Reverse Mortgage Lender License application (and all applicable fees) must be mailed to the Commissioner at the above-stated address. You can find the application form on NCCOB forms and fees page.

For assistance or further information regarding license requirements, please contact the Commissioner of Banks at one of the following:

For NMLS-related questions, you may contact their call center at (855) 665-7123.

Education and Exams

Passing an exam is obligatory for some, but not all license types in North Carolina. To obtain a company license or an Exclusive Mortgage Broker license you are not required to complete an education course or pass a test.

NC Mortgage Broker Bonds

Note: All surety bonds need to be issued on an NCCOB bond form. You can find the surety bond forms on NCCOB’s Forms and Fees page.

Bonds for Company Licenses

  • Mortgage Broker License - License applicants must submit an original surety bond. The amount of the bond depends on the dollar amount of the mortgage loans originated by the applicant in the past calendar year.
    • $75,000 surety bond if the originated mortgage loans do not exceed $10,000,000.
    • $125,000 surety bond for $10,000,000 - $50,000,000 mortgage loans.
    • $250,000 surety bond for applicants who have originated mortgage loans for over $50,000,000.
  • Mortgage Lender License - All license applicants are required to upload a surety bond. The amount of the bond is determined by the mortgage loans originated by the applicant in the past calendar year.
    • $150,000 surety bond if the originated mortgage loans do not exceed $10,000,000.
    • $250,000 surety bond for $10,000,000 - $50,000,000 mortgage loans.
    • $500,000 surety bond for applicants who have originated mortgage loans for over $50,000,000.
  • Mortgage Servicer License - Each Mortgage Servicer applicant is required to submit an original surety bond. The bond amount depends on the mortgage loans originated by the applicant in the previous calendar year.
    • $150,000 surety bond if the originated mortgage loans do not exceed $10,000,000.
    • $250,000 surety bond for $10,000,000 - $50,000,000 mortgage loans.
    • $500,000 surety bond for applicants who have originated mortgage loans for over $50,000,000.
  • Reverse Mortgage Lender License - All Reverse Mortgage Lender applicants must furnish a surety bond in the amount of $100,000.

Bonds for Individual Licenses

  • Exclusive Mortgage Broker License - All Exclusive Mortgage Broker applicants are required to furnish a Mortgage Broker surety bond. The amount of the bond is based on the mortgage loans originated by the applicant in the past calendar year.
    • $75,000 surety bond if the originated mortgage loans do not exceed $10,000,000.
    • $125,000 surety bond for $10,000,000 - $50,000,000 mortgage loans.
    • $250,000 surety bond for applicants who have originated mortgage loans for over $50,000,000.

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Licensing Fees

Fees for Company Licenses

  • Mortgage Broker License

    All fees are non-refundable and must be paid through NMLS.

    • $1,388 total license costs.
    • $15 credit report fee (if applicable).
    • $36.25 background check .
  • Mortgage Lender License

    All fees are non-refundable and must be paid through NMLS.

    • $1,388 total license costs.
    • $15 credit report fee (if applicable).
    • $36.25 background check.
  • Mortgage Servicer License

    All fees are non-refundable and must be paid through NMLS.

    • $1,388 total license costs.
    • $15 credit report fee (if applicable).
    • $36.25 background check .
  • Reverse Mortgage Lender License
    • $500 application fee (payable to the Banking Commission).

Fees for Individual Licenses

  • Exclusive Mortgage Broker License
    • $330 total license costs (paid in NMLS).

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