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How Much Does a North Carolina Mortgage License Bond Cost?
In North Carolina, mortgage broker bonds can cost as low as $750. The bond amount varies from $75,000 to $250,000, depending on the loan volume. Mortgage lenders and mortgage servicers need bonds between $150,000 and $500,000, with costs ranging from $1,500 to $50,000, also based on the loan amount.
Although the bond amounts are high, you only have to pay a fraction as a bond premium. Typically, premiums cost between 1% and 10% of the total bond. However, factors like your credit score and business strength may affect the price.
If your credit score is 700 or higher, your premium rate will be between 1% and 3%. For scores between 600 and 699, the rate ranges from 3% to 5%. If your credit score is below 600, the premium rate will be between 5% and 10% of the bond amount.
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Surety Bond Cost Based on Credit Score |
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|
Surety Bond Name |
Surety |
Over |
Between |
Below |
|
North Carolina Mortgage Broker Bond |
$75,000 |
$750 - |
$2,250 - |
$3,750 - |
|
North Carolina Mortgage Lender Bond |
$150,000 |
$1,500 - |
$4,500 - |
$7,500 - |
|
North Carolina Mortgage Servicer Bond |
$150,000 |
$1,500 - |
$4,500 - |
$7,500 - |
How to Get a Mortgage License Bond in North Carolina
1. Apply for Your Bond
Once you know your bond amount, getting your bond is easy. Our online form allows you to submit your application and receive a quote quickly.
We recently helped a mortgage broker in Kitty Hawk get bonded. She had recently expanded her business and needed a higher bond than before. She had worked with other bonding agencies and been disappointed with their turnaround time. We helped her get her bond fast so she could renew her license and keep her clients happy.
2. Review Your Bond Quote
In most situations, you can get your premium quote in minutes. However, for more complex applications, it may take up to 48 hours. We always guarantee that we provide the best quote possible, no matter how long it takes.
3. Pay the Premium
Once you receive your quote, you can pay the premium online and get your bond. If requested, we can send you a hard copy.
Bond totals are based on the previous 12 months ending on December 31st, so you must renew or obtain a different bond once you have that total. We will send a reminder long in advance so you always know when to renew your bond.
Apply for a free no-obligations quote on your surety bond!
Mortgage License Bond Requirements in North Carolina
If this is your first year as a mortgage broker in North Carolina, you must only secure a $75,000 bond. The Office of the Commissioner of Banks is in charge of mortgage broker licenses and renewals.
The required bond amount of mortgage brokers in North Carolina depends if it has originated mortgage loans in North Carolina in a 12‑month period ending December 31. The requirement ranges from $75,000 to $250,000.
|
Maryland Mortgage Broker Bond |
|
|
Loan Volume |
Surety Bond Amount |
|
Under $10 million |
$75,000 |
|
$10 million to $50 million |
$125,000 |
|
More than $50 million |
$250,000 |
Mortgage lenders and mortgage servicers are required to have a bond ranging from $150,000 to $500,000 depending on their loan volumes.
|
Maryland Mortgage Lender or Servicer Bond |
|
|
Loan Volume |
Surety Bond Amount |
|
Under $10 million |
$150,000 |
|
$10 million to $50 million |
$250,000 |
|
More than $50 million |
$500,000 |
Our bond experts are here to answer your questions on how to get a North Carolina mortgage license and bond requirements. For more information, you can also reach out to the Office of Financial Regulation at (410) 230-6100.
Because these totals are calculated for each 12-month period, you may have to secure a different bond each time. You can find out more about licensing and bonding at the COB website.
Office of Commissioner of Banks
Mailing Address:
4309 Mail Service Center, Raleigh, NC 27699-4309
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What Our Clients Have To Say?
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
