North Carolina Mortgage Broker MLA02 Surety Bond
If you are a mortgage broker or exclusive mortgage broker in North Carolina, you are required by the North Carolina Commissioner of Banks to apply for a license through the National Mortgage Licensing System (NMLS) and obtain a NC Mortgage Broker MLA02 Surety Bond.
Surety Bond and License Requirements:
- Applicants and persons of control of the company must agree to a criminal background check and a credit report check. If any questions are answered yes in the Disclosure Statements, provide an explanation for each.
- Complete the application and pay the license, credit report, FBI Criminal Background Check and NMLS processing fees.
- Provide the following documents: A copy of a bank statement or other financial statement that shows a minimum of $10,000 in liquid assets (a minimum of $10,000 in assets must be maintained at all times), a resume for the qualifying individual, a Qualifying Individual Affividavit, a business plan, an organizational chart, copies of marketing agreements, a copy of the lease, a copy of a current Bank Secrecy Act/Anti-Money Laundering Program plan, a copy of the company's Certificate of Authority or a Certificate of Existence or Good Standing, and financial statements reflecting a net worth of $25,000.
- Obtain a minimum $75,000 MLA02 surety bond. Surety bond amounts can increase up to $250,000 based on the volume of loan orginations written annually.
- If applicable, provide a copy of formation documents if the business is a corporation, partnership or limited liability company. If the business will use a trade name or dba, provide a copy of the Certificate of Assumed Name (obtained from the county's register of deeds office in which the business will be located).
How Much Will This Bond Cost?
The premium that you pay for a North Carolina Mortgage Broker License Surety Bond is dependent on credit, the bond amount required and business and personal financial statements. Premiums start at .75% of the bond amount with good credit. Contact our Surety Bond Specialists for a free quote that fits your specific situation.
Related Links:North Carolina NMLS Mortgage Broker LicenseNorth Carolina Mortgage Broker Information
More Surety Bond Questions?
Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
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