South Carolina Mortgage Broker Bond

South Carolina Mortgage Broker Bond

South Carolina Mortgage Broker Bond


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What is an South Carolina Mortgage Broker Bond? 

South Carolina Mortgage Broker Bonds are required by South Carolina’s Office of the Commissioner of Banking to obtain your Mortgage Broker license. The South Carolina Mortgage Broker Bond amount is set at $50,000. This License is required of any company, who for compensation or gain, or in the expectation of compensation or gain, directly or indirectly solicits, processes, places, or negotiates a mortgage loan on a South Carolina dwelling for a borrower from a mortgage lender or depository institution, or tablefunds or acts as loan correspondent or brings borrowers and lenders together to obtain a mortgage loan.


The State requires a Mortgage Broker bond for :  


Dollar Amount of Loans

Bond Amount

$0 to $49,999,999

$50,000

$50,000,000 to $249,999,999

$100,000

$250,000,000 and greater

$150,000

 

Different parts of a bond:


 There are 3 parts to a Mortgage broker surety bond. The Principal "YOU", The Surety Company, and the Obligee. The Principal is the business or individual applying for the Mortgage Broker Surety Bond. The Obligee is the individual or entity requiring the Surety Bond and the Surety Company is the company who provides the Surety Bond coverage.


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South Carolina Mortgage Broker Bond Information and Requirements:


Dollar Amount of Loans

Bond Amount

$0 to $49,999,999

$50,000

$50,000,000 to $249,999,999

$100,000

$250,000,000 and greater

$150,000