§ 53-244.104.  Minimum net worth requirements.

(a) A minimum net worth shall be continuously maintained for licensees in accordance with this section. In the event that the mortgage loan originator is an employee or exclusive mortgage broker 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 minimum net worth requirement. The minimum net worth to be maintained for each license is as follows:

(1) A mortgage lender shall maintain a net worth of at least one hundred thousand dollars ($100,000) and evidence of liquidity of one million dollars ($1,000,000) that 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.

(2) A mortgage servicer shall maintain a net worth of at least one hundred thousand dollars ($100,000), not including monies in any escrow accounts held for others as documented by an unqualified audited statement of financial condition.

(2a) Covered institutions, as defined in G.S. 53-244.141, shall meet the requirements of Part 2 of this Article. Part 2 of this Article does not apply to mortgage servicers that are not covered institutions, as defined in G.S. 53-244.141.

(3) A mortgage broker 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.

(b) The Commissioner may adopt rules to require additional minimum net worth or otherwise amend net worth requirements as necessary to ensure licensees maintain adequate financial responsibility and to accomplish the purposes of this Article.  (2009-374, s. 2; 2013-327, s. 8; 2025-43, s. 1.)