State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-244_104

§ 53‑244.104.  Minimumnet worth requirements.

(a)        A minimum net worthshall be continuously maintained for licensees in accordance with this section.In the event that the mortgage loan originator is an employee or exclusiveagent of a person subject to this Article, the net worth of the person subjectto this Article can be used in lieu of the mortgage loan originator's minimumnet worth requirement. The minimum net worth to be maintained for each licenseis as follows:

(1)        If the licensee is amortgage lender, it shall maintain a net worth of at least one hundred thousanddollars ($100,000), including evidence of liquidity of one million dollars($1,000,000), which may include a warehouse line of credit of one milliondollars ($1,000,000) or other evidence of funding capacity to conduct mortgageoriginations as documented by an unqualified audited statement of financialcondition.

(2)        If the licensee is amortgage servicer, it shall maintain a net worth of at least one hundredthousand dollars ($100,000), not including monies in any escrow accounts heldfor others.

(3)        If the licensee is amortgage broker, it shall maintain a net worth of at least twenty‑fivethousand dollars ($25,000), including evidence of liquidity of ten thousanddollars ($10,000), as certified by the licensee in a certified statement offinancial condition.

(b)        The Commissionermay adopt rules to require additional minimum net worth or otherwise amend networth requirements as are necessary to ensure licensees maintain adequatefinancial responsibility and accomplish the purposes of this Article.  (2009‑374, s. 2.)