How Much Does a Mortgage Broker Bond Cost in South Carolina?
$25,000 Bond
$50,000 Bond
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Getting Your South Carolina Business License or Registration
The following items are generally required to obtain a South Carolina Mortgage License.
- Qualifying Individual: Each licensee is required to have a Qualifying Individual (QI) with three years of residential mortgage lending experience.
- 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.
- Credit Report: Control persons are required to authorize a credit report through NMLS.
- 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.
- Business Plan: A business plan outlining strategy, products, target markets and operating structure.
- Financial Statements: A financial statement prepared in accordance with Generally Accepted Accounting Principles dated within 90 days of your fiscal year end.
- 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).
- Management Chart: An organizational chart showing the applicant’s divisions, officers, and managers.
Other Helpful Information and Links
Contact South Carolina Department of Consumer Affairs licensing staff by phone at 803-734-4200 or send your questions via e-mail to SCMortgageBroker@scconsumer.gov for additional assistance.
The state of South Carolina has two Mortgage Agencies:
The South Carolina Board of Financial Institutions regulates Mortgage Lender/Servicers and Mortgage Loan Originators.
South Carolina Department of Consumer Affairs regulates Mortgage Brokers and Mortgage Broker Loan Originators.