If you are a Mortgage Broker or Exclusive Mortgage Broker in North Carolina, you are required to apply for a license through the National Mortgage Licensing System (NMLS) and obtain a North Carolina Mortgage Broker Bond.
The application requirements for licensure are as follows:
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.
A minimum $75,000 surety bond is required. 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 (or counties) register of deeds office in which the business will be located).
The premium that you pay for a North Carolina Mortgage Broker Bond is dependent on credit, the bond amount required and business and personal financial statements.
Contact our Surety Bond Specialists at:
Hours: 8:00-5:00 CST, Monday through Friday