North Carolina Reverse Mortgage Lender Bond
Flat Rates & No Credit Check
| Bond Amount Required | Bond Term | Annual Premium |
| $100,000 | 1 Year | $600 |
North Carolina mortgage lenders that want to make reverse mortgage loans must obtain authorization from the North Carolina Commissioner of Banks and submit the required surety bond. The North Carolina reverse mortgage lender bond helps ensure compliance with applicable state reverse mortgage and mortgage lending requirements and provides financial protection for the State.
Cost of the North Carolina Reverse Mortgage Lender Bond
The cost of the $100,000 North Carolina reverse mortgage lender bond is $600 per bond term with NNA Surety.
How the North Carolina Reverse Mortgage Lender Bond Works
The North Carolina reverse mortgage lender bond holds authorized lenders financially accountable for covered failures to comply with applicable state reverse mortgage lending requirements.
The bond involves three parties:
Principal: Authorized reverse mortgage lender
Obligee: State of North Carolina
Surety: Bonding company
A claim against the bond may arise from covered violations of the obligations secured by the bond. The principal is responsible for reimbursing the surety for valid covered claims paid under the bond.
How to Get the North Carolina Reverse Mortgage Lender Bond
Follow these simple steps to get bonded with NNA Surety:
- Complete this short online application.
- Pay the $600 bond premium.
- Receive the bond form via email.
- Submit the bond as required with your North Carolina reverse mortgage lender authorization.
Learn more about your North Carolina surety bond options across the state.
Secure Your North Carolina Reverse Mortgage Lender Bond
Keep your North Carolina reverse mortgage authorization requirements on track by securing the required bond with NNA Surety. Complete this form or call 855-457-2196 to get bonded.