North Carolina Mortgage Broker Bond

The North Carolina Mortgage Broker Bond is required by the North Carolina Office of the Commissioner of Banks.

The North Carolina Mortgage Broker Bond ensures that the bond holder will follow all rules and regulations under Article 19B of Chapter 53 of the North Carolina General Statutes of the Mortgage Licensing Act.

The required bond amount is determined by the loan volume of the previous year:

• A loan volume between $0 and $1,000,000 requires a $150,000 bond.
• A loan volume between $1,000,000 and $4,999,999 requires a $175,000 bond.
• A loan volume between $5,000,000 and $9,999,999 requires a $200,000 bond. 
• A loan volume between $10,000,000 and $49,999,999 requires a $225,000 bond.
• A loan volume greater than $50,000,000 requires a $250,000 bond. 

The price for the bond also known as the bond premium is only a small fraction of the bond amount. The applicant should verify the bond amount with the obligee before applying for the bond to ensure the bond amount is correct.

Valid: 1 year – Renewable

If this bond is to be cancelled, the obligee must be notified of the cancellation at least 90 days before the cancellation date.

Licensing Fees and Requirements:

• Surety bond
• $1,338 application fee
• At least 18 years of age
• Copy of most recent bank statement

All licensing fees are required by the obligee, not the surety company.

CLICK HERE for additional licensing information from the North Carolina Commissioner of Banks.

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