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What Is the Surety Bond Amount Required for a South Carolina Mortgage Lender or Servicer?

A house is listed for sale in South Carolina

The South Carolina Board of Financial Institutions administers Mortgage Lender and Mortgage Servicers licensing through the National Mortgage Licensing System (NMLS).

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

Provide the following documents as attachments to the application: Business plan and organizational chart.

If the business will be a limited liability company, partnership or corporation, provide copies of the formation documents. These include Corporate Charter of Articles of Incorporation or Articles of Organization and Operating Agreement or Partnership Agreement.

Provide a Certificate of Authority or Good Standing Certificate from South Carolina and/or the business home state.

Complete the Lender/Broker Notification and email to cfd@bofi.sc.gov.

Obtain a surety bond based on the volume of loans. Volume of loans less than $49,999,999 require a $50,000 surety bond. Loan volumes $50,000,000 up to $249,999,999 require a $100,000 surety bond, and loan volumes exceeding $250,000,000 require a $150,000 surety bond. The legal name on the surety bond must match the legal name used in the application.

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 an owner, qualifying or managing 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 Lender or Servicer Surety Bond is dependent on credit. Bond amounts over $50,000 will require business and personal financial statements.

Did You Know?

Mortgage lenders or servicers in South Carolina must email a business plan to the state prior to completing an application on the NMLS website. The state's email address is cfd@bofi.sc.gov.

Have Questions?

Contact our Surety Bond Specialists at:

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

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