North Carolina Mortgage Lender Bond
This bond is required by any person (individual, partnership, limited liability company, limited partnership, corporation, association, or other group) engaged in joint business activities, however organized) who closes a mortgage loan, advances funds, offers to advance funds, or makes a commitment to advance funds to a borrower under a mortgage loan for compensation or gain. See table below to determine annual premium.
| Loan Volume in Preceding 12 months | Bond Amount | Annual Premium |
| $0-$10,000,000 | $150,000 | $900 |
| $10,000,001-$50,000,000 | $250,000 | $1,500 |
| Exceeds $50,000,000 | $500,000 | $3,000 |
Overview
Mortgage lenders are required to secure a surety bond during the licensing process overseen by the North Carolina Commissioner of Banks. This bond is designed to protect consumers who engage with the mortgage lender's services.
The specific bond amount varies based on factors such as the lender's loan volume and financial stability, ranging from $150,000 to $500,000. Mortgage lenders must maintain an active and valid bond throughout their licensing period. The NNA has secured premiums of $6 per $1,000 in liability for all North Carolina mortgage lenders to obtain this bond without a credit check.