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?
A. On September 15, 2009, the Division released proposed amendments to Regulatory Bulletin 5.2-101 to include proposed surety bond requirements for individual mortgage loan originators working for a company that is exempt from licensing as a mortgage lender or mortgage broker. The two proposed solutions are for each mortgage loan originator to provide a surety bond for a flat amount or for the exempt entity to provide a bond to cover all licensed mortgage loan originators employed by the company.
Related Questions
- 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?
- May I be employed as a mortgage loan originator by more than one licensed company? Provide services to a Mortgage Lender or Mortgage Broker other than my employer?
- 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?
