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North Carolina Mortgage License Bond

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How much does a residential mortgage bond cost in North Carolina?

The North Carolina Commissioner of Banks requires those wanting to become a mortgage broker in North Carolina to post a surety bond in the amount of no less than $75,000 for brokers who have originated mortgage loans totaling less than $10 million during the past calendar year, $125,000 for those who have originated mortgage loans between $10 million and $50 million during the past calendar year and $250,000 for those who have originated mortgage loans greater than $50 million during the past calendar year.

These bonds are credit-based bonds so the premium applicants will pay is determined by an underwriter’s review of their credit score. However, an applicant with exceptional credit could pay as little as 1% of the total bond amount.

Bond Type
$75,000Mortgage Broker Bondloans between $0 and $10,000,000
$125,000Mortgage Broker Bondloans between $10,000,001 and $50,000,000
$250,000Mortgage Broker Bondloans exceed $50,000,000

Why do I need this bond?

Mortgage broker bonds in North Carolina protect the public from unlawful business practices committed by the principal (mortgage broker). Should damages occur as a result of the principal’s actions, the surety will cover them up to the full bond amount. The principal is then required to reimburse the surety for the amount paid.

Apply today for a free quote on a North Carolina mortgage license bond.

What’s the fine print?

Mortgage broker licenses in North Carolina must be renewed every twelve months unless they are canceled or there is a claim filed against the broker. If the bond is canceled, there must be 90 days' notice given to the North Carolina Commissioner of Banks before the effective date.

How to become a residential mortgage licensee in North Carolina

Mortgage brokers in North Carolina must be licensed with the Commissioner of Banks. In order to do so, applicants must:

  • Be at least 18 years of age
  • Fill out an application with the Commissioner of Banks
  • Pay $1,338 in total application fees
  • Post at least a $75,000 surety bond

Our experts are ready to help you take the first step toward getting licensed by getting you the bond you need.

Mortgage Industry Surety Bonds Available Nationwide

Many states have specific surety bond requirements for mortgage professionals. This means mortgage professionals who work in several states often have multiple surety bonds. Use the map below to learn more about mortgage bonds in other states.

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Call 1 (800) 308-4358 to talk with a Surety Expert