North Carolina Mortgage Broker Bond
NFP Surety offers the NC Mortgage Servicer Bond at the best possible rate. This NC Mortgage Servicer Bond is required by North Carolina Commissioner of Banks and must be in the amount of $150,000. The purpose of the NC Mortgage Servicer Bond is to establish and maintain financial responsibility as a licensee. The bond form MLA03-S must be furnished by a surety company authorized to execute bonds in the State of North Carolina.
This North Carolina Mortgage Servicer Bond and license is required of any company or sole proprietor who for compensation or gain from another or on its own behalf is in the business of receiving any scheduled periodic payments from a borrower pursuant to the terms of any mortgage loan, including amounts for escrow accounts, and making the payments of principal and interest and such other payments with respect to the amounts received from the borrower as may be required pursuant to the terms of the mortgage loan, the mortgage servicing loan documents, or servicing contract.
North Carolina Mortgage Bonds
The NC SAFE Licensing Act defines a mortgage loan as a loan made to a natural person or persons primarily for personal, family, or household use, primarily secured by either a mortgage or a deed of trust on residential real property located in North Carolina.
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