How Much Do South Carolina Mortgage Broker Bonds Cost?
$25,000 South Carolina mortgage loan broker special deposit and qualified loan originator license bond premiums start at just $187 per year. Depending on your credit score, your personal rate may be 0.75–5% of the total bond amount. Apply now for an exact quote!
SuretyBonds.com works with the top surety providers nationwide to find the best available pricing with no added fees.
What Is a South Carolina Mortgage Broker Bond?
South Carolina mortgage broker bonds are required by Section 40-58-40 of the Code of Laws of South Carolina. By filing these bonds, the principal pledges to transact business according to state laws. If a principal violates this code, the bond protects the state and consumers from financial loss.
If you work as a mortgage professional in other states, we offer mortgage industry license bonds nationwide. We also issue South Carolina mortgage lender or servicer bonds.
How Do I Get a South Carolina Mortgage Broker Bond?
You can apply for your mortgage loan broker bond using the form on this page. After a quick review, we'll provide the best available quote. Then, you can purchase your bond online or over the phone at your convenience.
Once you checkout, we'll upload the bond to the NMLS on your behalf. Apply today to have your official bond in one business day or less.
How Do Mortgage Broker Special Deposit Bonds Work?
If the principal violates the bond terms and a consumer is harmed, the surety will pay for all damages up to the full bond amount. The principal is responsible for reimbursing the surety for any money it pays out to consumers.
To cancel the bond, the principal or surety must send 45-day’s written notice to the administrator of the South Carolina Department of Consumer Affairs. The bond can also be terminated if the administrator mails written authorization to the surety.
How to Become a Mortgage Broker in South Carolina
Mortgage brokers and qualified loan originators in South Carolina must be licensed with the Department of Consumer Affairs. Licensees must apply online through the Nationwide Mortgage Licensing System (NMLS). Required documentation includes the following:
- Identification of qualifying individual
- Credit report
- Fingerprints for background check
- Financial statements
- Business plan
- Certificate of Authority
- Management chart
- Surety bond
- Proof of completion of the 20-hour pre-licensing course
- Payment for licensing and registration fees
Use the NMLS checklists below to ensure you meet all the licensing requirements:
- SC Mortgage Broker New Application Checklist
- SC Mortgage Broker Qualified Loan Originator New Application Checklist
