Mortgage lenders that wish to conduct business in North Carolina must obtain a Mortgage Lender License through the North Carolina Commissioner Of Banks (NCCOB). As part of their licensing requirements, lenders must submit an Electronic Surety Bond (ESB) via the Nationwide Mortgage Licensing System (NMLS). The bond amount varies and is based on the total dollar amount of mortgage loans originated the previous year:
|Loans Originated||Bond Amount|
|$0 – $10,000,000||$150,000 Bond|
|$10,000,001 – $50,000,000||$250,000 Bond|
|Greater than $50,000,000||$500,000 Bond|
Per NCGS 53-24.103(b), when an increased surety bond is required, it must be filed with the NCCOB on or before May 31st, immediately following the end of the 12-month December 31st period.
Applications for lender licenses are handled by the Nationwide Mortgage Licensing System (NMLS) and additional information can be found on the NMLS website. Licensing fees are $1,250, including the NMLS processing fee, and if applicable, a $15 fee for a credit report will be added and a $36.25 fee will be added per FBI criminal background check authorization. All fees paid through the NMLS are not refundable.
Pacific Surety offers industry low rates and can obtain approvals for almost all credit situations. Once our simple application has been completed, we can have pricing to you within hours. If you have any specific questions, please contact our knowledgeable underwriting staff.
Surety Bond Name
Mortgage Lender Surety Bonds – North Carolina
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