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Do Mortgage Brokers in South Carolina Need a Bond for Licensure?

A

The South Carolina Department of Consumer Affairs administers Mortgage Broker licensing through the National Mortgage Licensing System (NMLS).

Applicants will need to complete the application found on the NMLS website and pay the credit report, license, and NMLS processing fees.

Provide the following documents as attachments to the application: Business plan, management chart, organizational chart, sample documents to be used in the course of business such as consumer disclosure forms, origination forms, etc.

If the business will be a limited liability company, partnership 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 surety bond. The legal name on the bond must match the legal name used in the application.

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 a Balance Sheet, Income Statement, Statement of Cash Flows and any relevant notes. If the business is new, a Statement of Condition will need to be submitted.

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.

The business must have a qualifying individual that has a minimum of three years of financial services or related experience.

How Much Will This Bond Cost?

The premium that you pay for a South Carolina Mortgage Broker Bond is dependent on credit.

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.

Have Questions?

Contact our Surety Bond Specialists at:

Phone: 1‑844‑432‑6637
Emailinfo@suretygroup.com
Fax:     404-351-3237
Hours: 8:00-5:00 CST, Monday through Friday



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