The North Carolina Mortgage Broker Bond is a type of surety bond, required by the North Carolina Office of the Commissioner of Banks. The application and administration of the license is processed by the Nationwide Mortgage Licensing System (NMLS). 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. According to the state, a mortgage broker is defined as:
Any person (individual, partnership, limited liability company, limited partnership, corporation, association, or other group engaged in joint business activities, however organized), unless exempt, who acts as a mortgage broker for compensation or gain, or in the expectation of
compensation or gain, either directly or indirectly, by accepting or offering to accept an application for a mortgage loan, soliciting or offering to solicit a mortgage loan, negotiating the terms or conditions of a mortgage loan, issuing mortgage loan commitments or interest rate guarantee agreements to borrowers, or engaging in table funding of mortgage loans, whether such acts are done through contact by telephone, electronic means, mail, or in person, with borrowers or prospective borrowers
The minimum required bond amount is $75,000.a The price for the bond also known as the bond premium is only a small fraction of the bond amount.
(a) Note: Subsequent increased bond amounts are based upon the licensee’s annual North Carolina loan volume. Any increased surety bond required under N.C. General Statute § 53-244.103(b) shall be filed on or before May 31 immediately following the 12-month period ending December 31.
All licensing fees are required by the obligee, not the surety company.
At Surety1.com we make it easy to obtain all your surety bond needs and our team of surety bond professional agents is available to assist you with the bonding process. To obtain the bond simply:
Once these 3 steps have been completed, the North Carolina Mortgage Broker Bond will be filed electronically with the NMLS.
1- The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.
2- Occasionally the surety bond underwriters may require additional financial disclosures prior to providing a quote. This is more common when the surety bond amount exceeds $100,000.
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