South Carolina Mortgage Broker Bond
Flat Rates & No Credit Check
| Bond Amount Required | Bond Term | Annual Premium |
| $25,000 | 1 Year | $150 |
| $40,000 | 1 Year | $240 |
| $55,000 | 1 Year | $330 |
South Carolina mortgage brokers must maintain a surety bond as part of their licensing requirements with the South Carolina Department of Consumer Affairs. The required bond amount is based on the total dollar volume of mortgage loans originated in a calendar year and ranges from $25,000 to $55,000.
Cost of the South Carolina Mortgage Broker Bond
The cost of the $25,000, $40,000 or $55,000 South Carolina Mortgage Broker Bond is $150, $240 or $330, respectively, for a one-year term with NNA Surety.
How the South Carolina Mortgage Broker Bond Works
The South Carolina Mortgage Broker Bond helps ensure that licensed mortgage brokers comply with the South Carolina Licensing of Mortgage Brokers Act. The bond can provide recovery for covered state expenses, fines or fees and for consumers who suffer losses or damages because of a mortgage broker's noncompliance.
The bond involves three parties:
Principal: Licensed South Carolina mortgage broker
Obligee: South Carolina Department of Consumer Affairs / State of South Carolina
Surety: Bonding company
A claim against the bond may arise from covered noncompliance that results in consumer losses or damages or covered obligations owed to the State. The principal is responsible for reimbursing the surety for valid covered claims paid.
How to Get the South Carolina Mortgage Broker Bond
Follow these simple steps to get bonded with NNA Surety:
- Complete this short online application.
- Select the required bond amount based on your annual South Carolina mortgage loan volume and pay the applicable premium.
- Receive the required bond documentation.
- File and maintain the electronic surety bond through NMLS as required for your South Carolina mortgage broker license.
Learn more about South Carolina surety bond options.
Secure Your South Carolina Mortgage Broker Bond
Keep your South Carolina mortgage broker licensing requirements on track by securing the appropriate bond with NNA Surety. Complete this form or call 855-215-2160 to get bonded.