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 license are required to maintain a physical office within the state of North Carolina. However, mortgage lenders are not required to maintain a physical office in the state and are able to act as mortgage brokers in accordance with the 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. 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 surety bond in the amount of $50,000.

Mortgage lenders must meet the same education and experience requirements as a mortgage broker. Mortgage lender applicants must also have a minimum net worth of $100,000 and maintain a surety bond in the amount of $150,000.

North Carolina Mortgage Licensing Fees

The state of North Carolina charges an application fee in the amount of $1000 for mortgage brokers and lenders. Loan officers are charged a licensing fee in the amount of $50. There is also a $46 investigation fee for each principal owner and loan officer.

For complete assistance on your North Carolina Mortgage License, call American Mortgage Licensing to start your project today, 469.688.8441.