South Carolina Mortgage Broker Special Deposit Surety Bonds
The South Carolina Department of Consumer Affairs administers Mortgage Broker licensing through the National Mortgage Licensing System (NMLS). South Carolina requires all mortgage brokers to have a license to provide mortgage related services and to obtain a special deposit surety bond. The surety bond ensures compliance of state laws and faithful and ethical performance of duties.
Surety Bond and License Requirements:
- Applicants will need to complete the mortgage broker application found on the NMLS website and pay the license, credit report, and NMLS processing fees.
- If the business will be a partnership, corporation, limited liability company or corporation, provide copies of the formation documents: Corporate Charter of Articles of Incorporation or Articles of Organization and Operating Agreement or Partnership Agreement and a Certificate of Authority or Good Standing Certificate.
- Obtain a $25,000 special deposit surety bond. The legal name on the surety bond must match the legal name used in the application. A surety bond must be effect for each license year. The surety bond will need to be renewed annually.
- Applicants will need to provide copies of audited financial statements dated within 90 days of the business fiscal year end. The statements will need to include an Income Statement, balance sheet, or Statement of Cash Flows and any relevant notes. If the business is new, a Statement of Condition will need to be submitted.
- Provide the following documents as attachments to the application: organizational chart, management chart, business plan, sample documents to be used in the course of business such as consumer disclosure forms, origination forms, etc.
- The business must have a qualifying individual that has a minimum of three years of financial services or related experience.
- Persons that will have control authority for the business must complete criminal background checks through fingerprinting. In addition to the fingerprinting, any disclosure questions that are answered “yes” must have a written explanation for each question.
How Much Will This Bond Cost?
The premium that you pay for a South Carolina Mortgage Broker License Surety Bond is dependent on credit. Premiums start at .75% of the bond amount with good credit. Contact our Surety Bond Specialists for a free quote based on your specific situation.
Did You Know?
That mortgage brokers in South Carolina must maintain books and records for all loan transactions. The records (including electronic records) are to be kept within the state unless prior approval is granted to store them elsewhere.
Related Links:South Carolina Mortgage Broker License InformationSouth Carolina Mortage Broker Information
More Surety Bond Questions?
Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
For a downloadable application