South Carolina Mortgage Lender/Servicer Bond
The South Carolina State Board of Financial Institutions/Consumer Finance Division (SC-BFI) requires licensees to obtain a surety bond based on the licensee's South Carolina loan volume reported on the mortgage call report. The bond amount varies according to the following scale:
| Aggregate Loan Amount | Bond Amount Required | Annual Premium |
| $0- $49,999,999 | $50,000 | $150 |
| $50,000,000- $249,999,999 | $100,000 | $600 |
| $250,000,000+ | $150,000 | $900 |
Overview
In South Carolina, the Department of Consumer Affairs requires mortgage lenders and servicers to obtain a mortgage lender and servicer bond as part of the licensing process. This bond is designed to offer financial protection to clients and the state in the event they are harmed financially by the actions of the licensee.
The bond's liability amount varies between $50,000 and $150,000 depending on the previous calendar year's closed mortgages. The NNA has secured a $300 to $900 flat rate for all South Carolina mortgage lenders and servicers without a credit check.