Mortgage Broker Licensing
The applicants for Mortgage broker License in North Carolina need to take the following into consideration:
- An initial payment of $1,000 application and licensing fee needs to be made.
- There is an application fee for each branch office of $100. There is also an initial license fee for loan officers of $50.
- An annual Mortgage Broker License fee of $500 is payable.
- The Mortgage Broker License seekers have to provide a Surety Bond of $50,000.
- Full business, employment and credit history reports also need to be provided by the Mortgage Broker License applicants.
- Sole proprietors licensed as Mortgage brokers also need to be licensed as Loan Officers. Such Loan officers need to have a minimum of three years of experience in the residential real estate mortgage lending business before getting licensed. They are also required to complete a course from an approved provider of such course-the Fundamentals of Mortgage lending. Further, they have to get a passing grade in an approved examination, submit a Credit report and also an application filing fee of $50 together with the application.
- Licensed mortgage brokers must complete eight continuing education hours every year after being licensed.
- Every Mortgage broker in the state has to maintain and operate from a designated principal office within North Carolina and all the records, books and files have to be maintained in that office.
- The National Association of Mortgage Brokers (NAMB) and its affiliate the North Carolina Associate of Mortgage Professionals (NCAMP) are both organizations committed to provide excellent resources for those intending to obtain a Mortgage broker License in the state.
Broker License Department
NC Commissioner of Banks
316 W. Edenton Street
Raleigh, NC 27603
Phone: (919) 733-3016
Fax: (919) 733-6918
Mailing Address:
4309 Mail Service Center
Raleigh, NC 27699-4309
Website : NC Commissioner of Banks
