Mortgage Broker Office

real estate broker office

Lender and broker Mortgagor is an individuals or companies that enters into a mortgage agreement, proposes, offers, proposes, or commits to propose resources to a North Carolina resident mortgage taker for indemnification or profit. Mortgage broker is a private entity or a company that directly or indirectly takes or proposes an offer of an mortgage to take out a mortgage to take out a mortgage, asks or proposes to take out a mortgage, negotiated the term of a mortgage, granted mortgage pledges or interest guarantees to lenders, whether by phone, email, mail or personally with lenders or prospective lenders of North Carolina housing.

North Carolina Secure and Fair Enforcement (S.A.F.E.) Mortgage Licensing Act, as amended by NCGS Section 53, Section 19B, provides that any entity involved in the creation or brokerage of mortgage backed securities of North Carolina property shall be licenced by the NC Office of the Commissioner of Banks, unless an exception under NCGS Section 53-244.040(d) is made.

Mortgagors and mortgage intermediaries must apply via the NMLS website. A corresponding guarantee (see below) must be indicated in the request. Qualified persons and each store director must have at least three (3) years of private construction finance expertise. A qualified person may, in supplement to head office tasks, act as a head of a subsidiary, otherwise a head of a subsidiary may head only one subsidiary.

First and foremost, the qualified person is in charge of the licensee's operation. The North Carolina government must approve all branches that grant or broker mortgage credit (N.C.G.S. 53.244.030(30)) backed by commercial property in North Carolina (N.C.G.S. 53.244.030(31)). Each establishment must have a specific head of establishment.

NMLS submits all proposals and changes (branch managers, changes of addresses, etc.) via the NMLS website. In order to shut down a subsidiary, a return / cancelation must be filed via NMLS. Borrowing requirements start at $75,000 for a broker and $150,000 for a creditor. The following table is restated on the basis of the credit approval volumes at 31 December of each year.

Refer to North Carolina Business Closure Procedures.

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