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What is the minimum surety bond requirement for mortgage loan originators in North Carolina?

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House Bill 105 (Public) Filed Tuesday, February 24, 2015

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AN ACT TO REDUCE THE SURETY BOND REQUIREMENT FOR LICENSEES UNDER THE SECURE AND FAIR ENFORCEMENT MORTGAGE LICENSING ACT (NC S.A.F.E. ACT), AS RECOMMENDED BY THE LEGISLATIVE RESEARCH COMMISSION STUDY COMMITTEE ON BANKING LAW AMENDMENTS.
Intro. by J. Bell, Jordan.

Status: Ref To Com On Banking (House Action) (Feb 27 2015)

Bill History:

Bill Summaries:

  • Amends GS 53-244.103, Surety bond requirements, adjusting the amount of bond required for mortgage loan originators or transitional mortgage loan originators. Establishes that a mortgage broker must post a minimum surety bond of $25,000 (was $75,000). Provides, however, that if such a broker has originated mortgage loans in North Carolina in excess of $25 million but less than $100 million, in a 12-month period ending December 31, then the broker’s minimum bond amount must be $75,000 (previously, required a $125,000 minimum bond if the broker originated loans in excess of $10 million but less than $50 million in a 12-month period ending December 31). Further provides that if a broker has originated mortgage loans, in North Carolina in a 12-month period ending December 31, of $100 million or more then the broker’s minimum bond must be $150,000 (previously, required a minimum bond of $250,000 if the broker originated more than $50 million in loans in North Carolina the specified time period).

    Provides that a mortgage lender or servicer must post a minimum bond of $100,000 (was, $150,000). Provides, however, that if such a mortgage lender, in a 12-month period ending December 31, has originated mortgage loans in North Carolina of $100 million or more, then the lender’s minimum bond must be $150,000 (previously, required a bond of $250,000 for loans originated in excess of $10 million but less than $50 million, and a bond of $500,000 for a lender that has originated more than $50 million).

SuretyGroup.com is licensed to write all surety bonds for the mortgage industry in all 50 states. In most states, Mortgage Brokers, Lenders, Servicers, Loan Originators, Mortgage Companies and more are required to secure a surety bond to guarantee the compliance of rules and regulations set forth by a states license statutes. A Mortgage Broker Surety Bond will also protect consumers against misleading and fraudulent lending practices.

Premium rates for Mortage Broker Surety Bonds start at a minimum $100, or .75% of the bond amount, with good credit.

Applying for a Mortgage Broker, Lender, or Servicer Bond in Your State?

  1. The first step in applying for a surety bond is understanding the licensing requirements of the state in which you will operate. Click on the state below to learn more about that state's requirements. Most states require continuing education and charge a licensing fee. Most states require a surety bond to be posted in order to qualify for a license. Additionally, states require the surety posting the bond to be licensed in that specific state (the Surety Group is licensed in all 50 states).
  2. Once you understand the requirements, then you will need to complete an application for a mortgage broker bond. Below, click "Apply Now" that corresponds to the state in which you operate.
  3. Once your application has been approved, you will need to pay the premium that is determined by underwriting. Upon receipt of payment, you will then be issued a bond. The surety bond will either need to be sent to the National Mortgage Licensing System (NMLS), or the surety will directly upload it into the NMLS portal (states that are applicable) or the surety bond may need to be sent directly to your state government office. Each state specifies the means of delivery as how they want the bond to be received.

Additional bond amounts are required in some states based on the volume of loans written or originated.

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, 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.

For a downloadable application

Does NC require a surety bond?

They have become a regular requirement in most businesses across North Carolina. The popularity of surety bonds arises from their usefulness in guaranteeing the services offered by many businesses. In fact, most service providers licensed by the state are required to be bonded.

What is the minimum net worth requirement for a licensed North Carolina mortgage servicer?

Pre-Requisites for License Applications Net Worth: Minimum $100,000 upon licensure and thereafter, on a continual basis as documented by an unqualified audited statement of financial condition. Surety Bond: Electronic surety bond for a mortgage servicer - minimum $150,000.

What is the minimum required surety bond coverage for an MLO who is obtaining their own surety bond in Colorado?

Surety Bond and License Requirements: Obtain Errors and Omissions Insurance. Complete the Employment History and ensure that the address of the registered location matches the Company Relationship. A minimum $25,000 surety bond is required.

How much does a surety bond cost in North Carolina?

What Do North Carolina Surety Bonds Cost? Surety bonds generally cost 1-15% of the required bond amount. Costs vary significantly depending on the bond amount you need and your rate (which is the percentage of the full bond amount you must pay).

minimum surety bond requirement mortgage loan originators north carolina

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