Residential mortgage bond cost
The North Carolina Commissioner of Banks requires those wanting to become a mortgage broker in North Carolina to post a surety bond in the amount of no less than $75,000 for brokers who have originated mortgage loans totaling less than $10 million during the past calendar year, $125,000 for those who have originated mortgage loans between $10 million and $50 million during the past calendar year and $250,000 for those who have originated mortgage loans greater than $50 million during the past calendar year.
These bonds are credit-based bonds so the premium applicants will pay is determined by an underwriter’s review of their credit score. However, an applicant with exceptional credit could pay as little as 1% of the total bond amount. Give us a call at 888.610.4474 or submit a bond request to begin our fast and easy bonding process.
Why this bond
Mortgage broker bonds in North Carolina protect the public from unlawful business practices committed by the principal (mortgage broker). Should damages occur as a result of the principal’s actions, the surety will cover them up to the full bond amount. The principal is then required to reimburse the surety for the amount paid.
Residential mortgage bond details
Mortgage broker licenses in North Carolina must be renewed every twelve months unless they are cancelled or there is a claim filed against the broker. If the bond is cancelled, there must be 90 days notice given to the North Carolina Commissioner of Banks before the effective date.
Become a residential mortgage licensee
Mortgage brokers in North Carolina must be licensed with the Commissioner of Banks. In order to do so, applicants must:
- Be at least 18 years of age
- Fill out an application with the Commissioner of Banks
- Pay $1,338 in total application fees
- Post at least a $75,000 surety bond
Apply for your surety bond
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