NC H654

Reduces minimum surety bond requirement for mortgage brokers from $75,000 to $25,000.

Reduces minimum surety bond requirement for mortgage lenders and mortgage servicers from $150,000 to $100,000.

Lowers tiered surety bond amounts for brokers and lenders based on annual loan origination volume in North Carolina, with highest tier bonds reduced from $250,000-$500,000 to $150,000.

Modifies bond waiver standards to require net worth of at least four times the required bond amount (rather than audited statements) and clarifies that all four waiver conditions must be met.

Becomes effective upon enactment.