My company is licensed under the Act as a Mortgage Lender; can I also broker with this license? Must I have an office in North Carolina and/or a separate broker surety bond?
A separate license as a Mortgage Broker will not be required if you are already licensed as a Mortgage Lender. However, you should be aware that when acting as a broker, you should comply with the provisions of the Act applicable to Mortgage Brokers, though you need not have an office in North Carolina or separate surety bond. If you store files out of the State, you should send a letter requesting permission to store files outside the state. The letter should advise this office of the location where files will be stored, it should advise that the licensee, upon request, will make files available for review by this office at a mutually agreeable location at the licensee’s expense.
Related Questions
- How does a mortgage loan originator working for a company that is exempt from the mortgage lender and broker provisions meet the requirement to be covered by a surety bond?
- My company is licensed under the Act as a Mortgage Lender; can I also broker with this license? Must I have an office in North Carolina and/or a separate broker surety bond?
- How does a mortgage loan originator working for a licensed mortgage lender or mortgage broker meet the requirement to be covered by a surety bond?
