North Carolina Mortgage Servicer Bond
This bond is required by any person (individual, partnership, limited liability company, limited partnership, corporation, association, or other group) engaged, whether for compensation or gain from another or on one's own behalf, in the business of receiving any scheduled periodic payments from a borrower pursuant to the terms of any residential mortgage loan, including amounts for escrow accounts, and making the payments of principal and interest and such other payments with respect to the amounts received from the borrower as may be required pursuant to the terms of the residential mortgage loan, the residential mortgage loan servicing documents, or servicing contract, or otherwise to meet the definition of the term "servicer". See table below to determine annual premium.
| Loan Volume in Preceding 12 months | Bond Amount | Annual Premium |
| $0-$10,000,000 | $150,000 | $900 |
| $10,000,001-$50,000,000 | $250,000 | $1,500 |
| Exceeds $50,000,000 | $500,000 | $3,000 |
Overview
A North Carolina mortgage servicer bond is required of individuals or business entities that receive payments from a borrower under the terms of a home loan. The North Carolina Office of the Commissioner of Banks requires mortgage servicers to be bonded as a condition of their licensure. A $150,000 mortgage servicer bond for a one-year term can be purchased for $900.