Amends GS 53-244.103, Surety bond requirements, adjusting the amount of bond required for mortgage loan originators or transitional mortgage loan originators. Establishes that a mortgage broker must post a minimum surety bond of $25,000 (was $75,000). Provides, however, that if such a broker has originated mortgage loans in North Carolina in excess of $25 million but less than $100 million, in a 12-month period ending December 31, then the broker’s minimum bond amount must be $75,000 (previously, required a $125,000 minimum bond if the broker originated loans in excess of $10 million but less than $50 million in a 12-month period ending December 31). Further provides that if a broker has originated mortgage loans, in North Carolina in a 12-month period ending December 31, of $100 million or more then the broker’s minimum bond must be $150,000 (previously, required a minimum bond of $250,000 if the broker originated more than $50 million in loans in North Carolina the specified time period).

Provides that a mortgage lender or servicer must post a minimum bond of $100,000 (was, $150,000). Provides, however, that if such a mortgage lender, in a 12-month period ending December 31, has originated mortgage loans in North Carolina of $100 million or more, then the lender’s minimum bond must be $150,000 (previously, required a bond of $250,000 for loans originated in excess of $10 million but less than $50 million, and a bond of $500,000 for a lender that has originated more than $50 million).