North Carolina Mortgage Broker, Lender or Servicer Bond
North Carolina Mortgage Broker, Lender or Servicer Bond Information
Mortgage Brokers, Lenders, and Servicers who are granted or seeking licensure in North Carolina are required by the North Carolina Office of the Commissioner of Banks ("Commissioner") to post a surety bond. The bond amount or coverage will range from $75,000 to $500,000 based on the nature of mortgage business conducted. The mortgage surety bonds secure performance of the ethical and law abiding satisfaction of the obligations of the bonded mortgage individual, entity, its officers, employees and agents under Article 19B of Chapter 53 of the North Carolina General Statutes, the North Carolina Secure and Fair Enforcement Mortgage Licensing Act ("NC SAFE Act"). The surety company is authorized to terminate its obligation under this surety bond by giving the Commissioner ninety (90) days advance written notice.