Commercial Surety Bonds

South Carolina Mortgage Broker Bonds

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Mortgage Brokers in the state of South Carolina are regulated by South Carolina Department of Consumer Affairs. If you are doing one or more mortgages in this state you must have a valid license. The state does not allow co-brokering of any loan no matter what situation may arise. Mortgage Brokers are typically referred to as Loan Brokers in this state and are regulated by the Licensing Requirements Act which was passed on October 1st, 1988.

The state has a $10,000 Surety Bond requirement. Either the owner, partner, trustee, managing employee must hold the license. This is a very easy to bond to obtain through both the “standard” and “higher risk” bond markets due to the small size of the bond. If you are the person applying for this license you will need either two years experience as a loan originator under a license Mortgage Broker or be able to provide verification of 2 years experience writing or originating loans within the state.

Bad Credit South Carolina Mortgage Broker Bonds

Any applicant with less than perfect credit is encouraged to apply with JW Bond Consultants, Inc. We have a special program that is tailored to meet the needs of applicants that are considered higher risk.

South Carolina License Requirements

Age: None required

State Residency: None required

Experience: 2 years

Education: No pre-licensing work required

Continuing Education: 8 hours per year

Net Worth: None required

Surety Bond: $10,000

Background Check: Credit checks as well as criminal

South Carolina State Licensing Fees

Initial Application: $750

Branch Location: $150

Renewal Application: $550 for the home office and $150 for each branch location

Branch Offices:

In State Requirements: Must maintain physical office location

Licensure Requirements: Must be licensed (see branch fees above)

Exemptions:

Entities: Attorney, Banks, Credit Unions, Savings and Loan Companies.

Safe Harbor: None

*This Information for licensing is provided only as a quick reference, make sure you contact the state to verify all information prior to making your application.

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