The South Carolina Mortgage Lender Bond is required by the Commissioner of the Board of Financial Institutions. The bond states that the bondholder, or Principal, will comply with the Licensing of Mortgage Lenders Act, S.C. Code 37-22-110 et seq. The surety bond amount is set at $25,000 and must be issued by a surety company licensed to do business in the state.
In order to find out the cost of the surety bond, all we need is the completed application. Surety1 has access to the best surety markets available so we will be able to get you bonded quickly at the best possible price.
Who needs a Mortgage Lender Bond?
Those wishing to act as a Mortgage Lender must be licensed. The Mortgage Lender bond is one of the licensing requirements.
What are the other licensing requirements?
The application is done through the Nationwide Multi-State Licensing System, NMLS. The following requirements must be prepared:
- Credit report
- FBI criminal background check
- Financial statements
- Business plan
- Certificate of authority/Good Standing Certificate
- Document samples
- Formation documents, if applicable
- Management chart
- Organization chart/description
- Books and records
Where can I get a South Carolina Mortgage Lender Bond?
Surety1 can easily get you the bond that you need. You can be assured of the lowest rates as we have partnered with over a dozen A-rated surety markets. We have friendly agents who are willing to answer all your queries and give you only the best service.
It is easy to obtain your surety bond. First, complete our free online application form. Next, you’ll receive a no-obligation quote from one of our licensed agents. Pay the premium and sign the agreement. We will then send your bond via USPS Priority Mail. In a hurry, we can ship overnight.
Our quality service has earned us an A+ rating by the Better Business Bureau! We don’t just issue surety bond in South Carolina but in all other states as well.