North Carolina Mortgage Broker Bond

North Carolina requires mortgage brokers to obtain a surety bond as part of their licensing process through the North Carolina Commissioner of Banks. The bond serves as a financial safeguard for consumers who use the services of the mortgage broker. The bond amount is determined based on the broker's loan volume and financial stability, with required liability amounts ranging from $75,000 to $250,000. The NNA has secured premiums of $6 per $1,000 in liability for all North Carolina mortgage brokers to obtain this bond without a credit check. Mortgage brokers are required to maintain a valid and active bond throughout their licensing period.

No credit check or financials needed up to $1M in aggregate bonds. Your bond premium (your cost) is $6 per $1,000 of the bond amount. The NNA has secured a $100 flat rate for bond amounts of $15,000 and a $120 flat rate for bond amounts of $20,000 for Kentucky mortgage companies.

Non-W2 MLOs licensed in Kentucky are now required to obtain an individual surety bond. Original bond documents must be mailed to:

ATTN: Alexis Cataldo-Johnson Kentucky Department of Financial Institutions 500 Mero Street Mayo-Underwood Building, 2 SW 19, Frankfort, KY 40601