South Carolina Mortgage Lender or Servicer
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How Much Do South Carolina Mortgage Lender or Servicer Bonds Cost?
South Carolina mortgage lender/servicer bond premiums are typically calculated as 0.85–1.5% of the bond total for applicants with excellent credit. If you have a lower credit score, don’t worry — we’ll work to approve your application at the lowest available market rate.
The bond amount varies based on the dollar value of loans serviced in the previous year. Use the table below to find the bond you need and apply for a free quote:
SuretyBonds.com offers the best available pricing with no added fees. To lower your upfront cost, ask about premium financing options.
How Do I Get a South Carolina Mortgage Lender/Servicer Bond?
With SuretyBonds.com, you can get your South Carolina mortgage lender or servicer bond in just three easy steps:
- Apply for your surety bond online.
- Receive a free quote within one business day.
- Checkout on our secure, online portal.
That’s it! We’ll file your official bond directly with the NMLS and provide an email copy for your records. Apply today to have your official bond in one business day or less.
What Is a South Carolina Mortgage Lender Bond?
South Carolina mortgage lender/servicer bonds are required under Section 40-58-40 of the Code of Laws of South Carolina. By filing these bonds, the principal pledges to transact business according to all applicable state laws. If a lender or servicer violates this code, the bond protects the state and consumers from resulting financial losses.
If you work as a mortgage professional in other states, we offer mortgage industry license bonds nationwide. We also issue South Carolina mortgage broker and loan originator bonds.
How Do Mortgage Lender License Bonds Work?
If the principal violates the bond terms and a consumer is harmed, the surety will pay for all damages up to the full bond amount. The principal is responsible for reimbursing the surety for any money it pays out to consumers.
To cancel the bond, the principal or surety must send 30-day’s written notice to the administrator of the South Carolina Department of Consumer Affairs. The bond can also be terminated if the administrator mails written authorization to the surety.
How to Become a Mortgage Lender in South Carolina
Mortgage servicers and lenders in South Carolina must be licensed with the State Board of Financial Institutions - Consumer Finance Division. All applicants must apply online through the NMLS.
You’ll need to provide the following documentation:
- Identification of qualifying individual
- Credit report
- Fingerprints for background check
- Financial statements
- Business plan
- Certificate of Authority
- Management chart
- Surety bond
- Proof of completion of the 20-hour pre-licensing course
- Payment for licensing and registration fees .
Take the first step by applying for your surety bond today!
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