North Carolina Mortgage Broker Bond

What is an North Carolina Mortgage Broker Bond? 

North Carolina Mortgage Broker Bonds are required by North Carolina’s Office of the Commissioner of Banks to obtain your Mortgage Broker license. The North Carolina Mortgage Broker Bond amount is set at $75,000. This license is required of any company or sole proprietor who for compensation or gain, or in the expectation of compensation or gain, either directly or indirectly, accepts or offers to accept an application for a mortgage loan, solicits or offers to solicit a mortgage loan, negotiates the terms or conditions of a mortgage loan, issues mortgage loan commitments or interest rate guarantee agreements to borrowers, or engages in table funding of mortgage loans, whether such acts are done through contact by telephone, by electronic means, by mail, or in person with the borrowers or potential borrowers on residential real property located in North Carolina.

The State requires a Mortgage Broker bond for:  

There is a minimum surety bond of $75,000 for a loan amount $10,000,000 and below. From $10,000,000 to $50,000,000 there is a required surety bond of $125,000. Any loan amount above $50,000,000, the surety bond will be $125,000. 

Different parts of a bond:

There are 3 parts to a Mortgage broker surety bond. The Principal "YOU", The Surety Company, and the Obligee. The Principal is the business or individual applying for the Mortgage Broker Surety Bond. The Obligee is the individual or entity requiring the Surety Bond and the Surety Company is the company who provides the Surety Bond coverage.

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North Carolina Mortgage Broker Bond Information and Requirements:

There is a minimum surety bond of $75,000 for a loan amount $10,000,000 and below. From $10,000,000 to $50,000,000 there is a required surety bond of $125,000. Any loan amount above $50,000,000, the surety bond will be $125,000.