What is the minimum net worth requirement for a licensed North Carolina mortgage servicer?
|
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
North Carolina Mortgage Licensing
Show
Mortgage 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 | [email protected] North Carolina General Statutes Chapter 53. Regulation of Financial Services § 53-244.104. Minimum net worth requirementsNorth Carolina Mortgage LicensingNorth Carolina Mortgage LicensingMortgage BankerMortgage Lender LicenseMortgage BrokerMortgage Broker LicenseMortgage ServicerMortgage Servicer LicenseRegulated by:North Carolina Commissioner of BanksWhat is the minimum net worth for a mortgage lender?Which of the following describes the net worth requirement for a mortgage broker in North Carolina?What is the minimum net worth that must be continuously maintained by each mortgage servicer?What is the net worth requirement for a non servicing lender?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. What is the minimum net worth required for a mortgage servicer?A license can be issued as a residential mortgage lender, a residential mortgage loan servicer or both residential mortgage lender and residential mortgage loan servicer. Applicant must have audited financial statements that meet the tangible net worth requirement 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 a mortgage lender under North Carolina law?Any person (individual, partnership, limited liability company, limited partnership, corporation, association, or other group) engaged in joint business activities, however organized) who closes a mortgage loan, advances funds, offers to advance funds, or makes a commitment to advance funds to a borrower under a ...
What is the minimum net worth required for a mortgage lender in Florida?(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 ...
|
