What is the minimum net worth requirement for a licensed North Carolina mortgage lender?
|
Show
North Carolina General Statutes Chapter 53. Regulation of Financial Services § 53-244.104. Minimum net worth requirementsWelcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law. (a) A minimum net worth shall be continuously maintained for licensees in accordance with this section. In the event that the mortgage loan originator or transitional mortgage loan originator is an employee or exclusive agent of a person subject to this Article, the net worth of the person subject to this Article can be used in lieu of the mortgage loan originator's or transitional mortgage loan originator's minimum net worth requirement. The minimum net worth to be maintained for each license is as follows: (1) If the licensee is a mortgage lender, it shall maintain a net worth of at least one hundred thousand dollars ($100,000), including evidence of liquidity of one million dollars ($1,000,000), which may include a warehouse line of credit of one million dollars ($1,000,000) or other evidence of funding capacity to conduct mortgage originations as documented by an unqualified audited statement of financial condition. (2) If the licensee is a mortgage servicer, it shall maintain a net worth of at least one hundred thousand dollars ($100,000), not including monies in any escrow accounts held for others. (3) If the licensee is a mortgage broker, it shall maintain a net worth of at least twenty-five thousand dollars ($25,000), including evidence of liquidity of ten thousand dollars ($10,000), as certified by the licensee in a certified statement of financial condition. (b) The Commissioner may adopt rules to require additional minimum net worth or otherwise amend net worth requirements as are necessary to ensure licensees maintain adequate financial responsibility and accomplish the purposes of this Article. Cite this article: FindLaw.com - North Carolina General Statutes Chapter 53. Regulation of Financial Services § 53-244.104. Minimum net worth requirements - last updated January 01, 2020 | https://codes.findlaw.com/nc/chapter-53-regulation-of-financial-services/nc-gen-st-sect-53-244-104.html FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs. Skip to content
North Carolina Mortgage LicensingNorth Carolina Mortgage LicensingIML2018-10-09T09:15:43-07:00 North Carolina Mortgage LicensingMortgage BankerMortgage Lender LicensePhysical In-State Office
Required: No License Cost Breakdown – Estimated fees not including
Integrity Mortgage Licensing Service Fee: Mortgage BrokerMortgage Broker LicensePhysical In-State Office Required: No, eliminated in 2017 License Cost Breakdown – Estimated fees not including Integrity Mortgage Licensing Service Fee: Mortgage ServicerMortgage Servicer LicensePhysical In-State Office Required: No License Cost Breakdown – Estimated fees not
including Integrity Mortgage Licensing Service Fee: Regulated by:North Carolina Commissioner of Banks4309 Mail Service Center Director | Charlie Fields | TitlePage load linkWhat is the minimum net worth for a mortgage lender?Net worth requirement:
CFLL lenders that make residential mortgage loans must maintain a minimum net worth of $250,000.
Which of the following describes the net worth requirement for a mortgage broker in North Carolina?Step 1 – Meet the Net Worth Requirements
Applicants for the North Carolina Mortgage Broker License must have a company net worth (assets – liabilities) of at least $25,000 including evidence of liquidity in at least $10,000.
What is the minimum net worth that must be continuously maintained by each mortgage servicer?Each mortgage servicer must continuously maintain a minimum net worth of $100,000.
What is the net worth requirement for a non servicing lender?Audited financial statements must be prepared in accordance with GAAP and must demonstrate the Mortgagee has: $1,000,000 minimum adjusted net worth at all times.
|
