North Carolina Mortgage Broker Requirements
Mortgage brokers and lenders in North Carolina are licensed and regulated by the North Carolina Commission of Banks.
Applicants seeking a North Carolina mortgage broker license are required to maintain a physical office within the state of North Carolina. However, applicants seeking a North Carolina mortgage lender license are not required to maintain a physical office in the state and are able to act as mortgage brokers in accordance with the North Carolina Mortgage Lending Act.
As well as having a physical office, mortgage brokers must also maintain all of the company's files and records within the principle office. The office must be staffed with a licensed loan officer. Mortgage brokers and branch managers are required to be separately licensed as a loan officer and have a minimum of three (3) years of mortgage lending experience. Applicants must have successfully completed an approved North Carolina Mortgage Fundamentals course within three (3) years preceding the date of the application and pass a state examination. Applicants must also maintain a company surety bond in the amount of $50,000.
Mortgage lenders and their originators must meet the same education and experience requirements as a mortgage broker. Mortgage lender company applicants must also have a minimum company net worth of $100,000 and maintain a surety bond in the amount of $150,000 in the company name. If a company qualifies as a "Qualified Lender" they can eliminate the surety bond requirement. A Qualified Lender is defined as a lender that is HUD approved and has a net worth in excess of $250,000.
North Carolina Mortgage Licensing Fees
The state of North Carolina charges an application fee in the amount of $1,396 for mortgage brokers and lenders. Loan originators are charged a licensing fee in the amount of $97.50. There is also a $46 investigation fee for each principal owner and loan originator.
For complete assistance on your North Carolina Mortgage License, call American Mortgage Licensing to start your project today, 866.588.6600.
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