North Carolina § 53-244 - 104. Minimum net worth requirements.

§ 53-244. 104. Minimum net worth requirements.

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: 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. 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. 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. 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. History (2009-374, s. 2; 2013-327, s. 8.) Editor's Note. - Session Laws 2013-327, s. 17, made the amendment to subsection (a) by Session Laws 2013-327, s. 8, applicable to applications for licensure as a transitional mortgage loan originator filed on or after September 1, 2013. Effect of Amendments. - Session Laws 2013-327, s. 8, effective September 1, 2013, in the second sentence of subsection (a), added "or transitional mortgage loan originator" and added "or transitional mortgage loan originator's." For applicability, see editor's note.