Mortgage loan originators must abide by a new law in South Carolina State. The new law is named HB 3790 and asks mortgage loan originators to be covered by a surety bond. HB 3790 requires that the surety bond covering the originator must be in a quantity calculated by the originator’s loan volume. According to the law implemented in 2009, a mortgage lender can be asked to acquire a surety bond in a quantity anywhere from $50,000 to $150,000 while a mortgage broker can be required to attain a surety bond ranging from $25,000 to $55,000.
Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.