Skip Navigation

South Carolina Mortgage Broker Bond

South Carolina Mortgage Broker Bond

Get Your Free Quote

Who Requires the Mortgage Broker Bond and Why Is It Needed?

Mortgage Broker Special Deposit Bonds are surety bonds that must be continuously maintained by all licensed mortgage brokers and lenders operating in the State of South Carolina pursuant to Section 40-58-40 of the Code of Laws of South Carolina. In accordance with the terms of state laws, the surety bond must be deposited with the Administrator of the S.C. Department of Consumer Affairs as security in the event that the bonded mortgage broker or lender fails to comply with the Licensing of Mortgage Brokers Act, S.C. Code § 40-58-10 et seq. or fails to provide contracted mortgage broker services to customers. The surety bond liability may be terminated through written notice from the surety company to the Administrator after forty five days from the date of such notice.

How Much Will My Surety Bond Cost?

Take 2 minutes to provide the basic information required to get the best rates for your South Carolina Mortgage Broker Bond. The quote request is free and there is no obligation to you. If you prefer, please call 1‐800‐608‐9950 to speak with one of our friendly bond experts. We can help guide you through the bonding process and identify the lowest cost in the market for your situation.

If you are interested in spreading out the cost of your bond over time, we can offer convenient financing plans for many types of surety bonds. More information will be provided with your quote.

What is Needed to Obtain My License or Registration?

The following items are generally required to obtain a South Carolina Mortgage License.

  1. Qualifying Individual: Each licensee is required to have a Qualifying Individual (QI) with three years of residential mortgage lending experience.
  2. Surety Bond. An original Mortgage Broker surety bond in the amount of $25,000 furnished by a surety company authorized to conduct business in South Carolina such as Surety Bonds Direct.
  3. Credit Report: Control persons are required to authorize a credit report through NMLS.
  4. MU2 Individual FBI Criminal Background Check Requirements: Control Persons that are not licensed MLOs must authorize a FBI criminal background check (CBC) through the NMLS.
  5. Business Plan: A business plan outlining strategy, products, target markets and operating structure.
  6. Financial Statements: A financial statement prepared in accordance with Generally Accepted Accounting Principles dated within 90 days of your fiscal year end.
  7. Books and Records. Licensees are required to maintain their books and records for loans made to residents of South Carolina at a designated location within the State, unless they receive express written authorization to store them out of State or electronically as provided pursuant to SC Code Section 40-58-65(A).
  8. Management Chart: An organizational chart showing the applicant’s divisions, officers, and managers.

List of South Carolina surety bonds.

BBB A+ Rating
SSL site seal - click to verify