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How much does a loan broker bond cost in North Carolina?
Loan brokers in North Carolina must post a surety bond in the amount of $10,000.
Because these bonds are subject to underwriting consideration, the price you’ll pay for your bond depends on a review of your personal credit report. Applicants with strong financial credentials could pay as low as $100 for their bonds. Request your free bond quote now!
Give us a call at 1 (800) 308-4358 or fill out our online bond request form to get started. Our experts make the bonding process fast and easy!
Why do I need this bond?
By posting a North Carolina loan broker surety bond, principals (loan brokers) pledge to comply with the provisions of the North Carolina Loan Broker Disclosure Act. Prohibited business practices under this bond include, but are not limited to:
- Using any untrue or misleading statements in connection with a loan brokerage contract
- Failing to comply with the requirements of the Article
- Failing to comply with the terms of the contract or any obligation arising from it
- Failing to make diligent effort to grant a loan to the prospective borrower
- Collecting any advance fees or other valuable consideration from a borrower prior to the closing of the loan
Connect with our team of surety experts to receive a personalized, complimentary bond quote within 1 business day of applying.
What’s the fine print?
Loan broker bonds in North Carolina remain in full force and effect until canceled or violated. The surety can cancel the bond by giving written notice of cancellation to the principal and the Secretary of State. Cancellation becomes effective 30 days after the surety provides the notice.
How to become a loan broker in North Carolina
There are several types of loan-related licenses available to professionals in North Carolina. Companies can be licensed as:
- Mortgage brokers
- Mortgage lenders
- Mortgage servicers
Individuals can be licensed as:
- Exclusive mortgage brokers
- Mortgage loan originators
- Transitional mortgage loan originators
Branch licenses are also available. Find out more about state licensing requirements in North Carolina on the NMLS Resource Center website.