What is the minimum surety bond required for a mortgage broker in NC?

What is the minimum surety bond required for a mortgage broker in NC?

Surety Bonds A licensee is required to have a surety bond as detailed in N.C.G.S. § 53.244. 103 (b)(1) and (2). The minimum bond amounts begin at $75,000 for a broker and $150,000 for a lender.

How do I become a loan broker in NC?

Download this helpful career guide.

  1. Step 1: Register with the NMLS. First, you’ll need to register with the Nationwide Mortgage Licensing System (NMLS) Federal Registry.
  2. Step 2: Complete your prelicensing education.
  3. Step 3: Pass the SAFE MLO exam.
  4. Step 4: Apply for your MLO license.
  5. Step 5: Maintain your MLO license.

What does loan flipping mean?

Loan flipping is one of the most common types of predatory lending practices and occurs when a lender convinces a borrower to refinance his or her mortgage by taking on a new long-term high cost loan, even though doing so doesn’t benefit the homeowner in any way.

What is the NC SAFE Act?

Mortgage Licensing Act” as codified in NCGS Chapter 53, Article 19B, and also referred to as the NC SAFE Act, requires that any entity engaged in the business of making or brokering residential mortgage loans secured by North Carolina real estate be licensed by the NC Commissioner of Banks (“NCCOB”), unless exempt.

What is an exclusive mortgage broker?

(11a) “Exclusive mortgage broker” means an individual who acts as a mortgage broker exclusively for a single mortgage lender or mortgage broker licensee or a single exempt mortgage lender and who is licensed pursuant to G.S. 53-244.050(b)(3).

How do I research a mortgage broker?

You can verify if a mortgage broker is licensed by checking your state regulator or the Nationwide Mortgage Licensing System & Registry. The Better Business Bureau can also indicate if there have been any complaints about the broker and whether those issues were resolved.

Who regulates banks in NC?

the Commissioner of Banks (NCCOB)
Welcome to the official website of the N.C. Office of the Commissioner of Banks (NCCOB). NCCOB is responsible for the chartering and regulation of North Carolina’s state banks, trust companies, mortgage companies, as well as registration and licensing of various financial institutions operating in North Carolina.

How do I fire my loan officer?

If you need to cancel a pending mortgage application, call your loan officer or broker immediately. In most cases, you have a three-day window to cancel the application and recover any paid fees. Tell the lender you want to cancel the pending application and provide a reason.