Individuals and businesses looking to operate as a Mortgage Broker in the state of South Carolina are required to maintain a $25,000 surety bond, as part of Section 40-58-40 of the Code of Laws of South Carolina, 1976. There is also a $1,000 licensing fee assessed by the South Carolina Department of Consumer Affairs. License processing is now handled by the National Mortgage Licensing System (NMLS). Below is a list of required items as part of the application:
- Credit Report
- FBI Criminal Background Check
- Financial Statements
- Business Plan
- Certificate of Authority/Good Standing Certificate
- Document Samples
- Formation Document
- Management Cart
- Organization Chart/Description
Additional information can be found on the NMLS website. The bond acts as protection for the consumer or anyone transacting business with the broker in the State of South Carolina.
Pacific Surety offers industry low rates and can obtain approvals for almost all credit situations. Once our simple application has been completed, we can have pricing to you within hours. If you have any specific questions, please contact our knowledgeable underwriting staff.
Surety Bond Name
Mortgage Broker Surety Bonds – South Carolina
$25,000Request a Free Quote