South Carolina Mortgage Lender/Servicer Bond
Surety Bond Options
| Bond Amount Required | Bond Term | Annual Premium |
| $50,000 | 1 Year | $300 |
| $100,000 | 1 Year | $600 |
| $150,000 | 1 Year | $900 |
South Carolina mortgage lenders and servicers must maintain a surety bond as part of their licensing requirements with the State Board of Financial Institutions, Consumer Finance Division. The required bond amount is based on the licensee's South Carolina mortgage loan volume and ranges from $50,000 to $150,000.
Cost of the South Carolina Mortgage Lender/Servicer Bond
The supplied Propeller pricing is $300 for the $50,000 bond, $600 for the $100,000 bond, and $900 for the $150,000 bond, each for a one-year term. Confirm the $50,000 premium before publication because NNA's current public product page displays conflicting pricing for that tier.
How the South Carolina Mortgage Lender/Servicer Bond Works
The South Carolina Mortgage Lender/Servicer Bond helps ensure that licensed mortgage lenders and servicers comply with the South Carolina Mortgage Lending Act. The bond is for the use of the State for covered expenses, fines and fees and for consumers who suffer covered losses or damages from a licensee's noncompliance.
The bond involves three parties:
Principal: Licensed South Carolina mortgage lender/servicer
Obligee: South Carolina State Board of Financial Institutions - Consumer Finance Division
Surety: Bonding company
A claim against the bond may arise from covered noncompliance resulting in consumer losses 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 Lender/Servicer Bond
Follow these simple steps to get bonded with NNA Surety:
- Complete this short online application.
- Select the required bond amount based on your 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 lender/servicer license.
Learn more about South Carolina surety bond options.
Secure Your South Carolina Mortgage Lender/Servicer Bond
Keep your South Carolina mortgage lender/servicer licensing requirements on track by securing the appropriate bond with NNA Surety. Complete this form or call 855-215-2160 to get bonded.