South Carolina Mortgage Broker Special Deposit Bond
Get the information you need about this surety bond right here!
What is a Mortgage Broker Special Deposit Bond?
The South Carolina Department of Consumer Affairs requires all mortgage broker license applicants, as well as those who are renewing their licenses, to procure a surety bond.
The surety bond’s purpose is to secure payment for any person who will be harmed by the licensed mortgage broker’s nonfeasance or misconduct.
A mortgage broker is a person who performs the following services:
- Solicits, processes, or negotiates a mortgage loan from a mortgage lender for the benefit of the borrower
- Engages in tablefunding of a mortgage loan
- Acts as a loan correspondent
- Brings borrowers and lenders together for the purpose of obtaining a mortgage loan or rendering a settlement service
The surety bond requirement is in pursuance of Section 40-58-40 of the South Carolina Code of Laws.
What is a Mortgage Broker Special Deposit Bond amount?
The bond amount will depend on the mortgage broker’s total dollar amount of mortgage loans originated in a calendar year.
|DOLLAR VOLUME OF MORTGAGE LOANS||BOND AMOUNT|
|$0 to $49,999,999||$25,000|
|$50,000,000 to $99,999,999||$40,000|
|Greater than $100,000,000||$55,000|
If you have an excellent credit score, you will be eligible to pay for a low bond premium!
Check out what you need to pay by getting your FREE SURETY BOND QUOTE HERE!
How can I get a Mortgage Broker Special Deposit Bond?
You can easily get this surety bond from us! We will guide you through the entire process. We’ll make sure that you will understand what you are getting into.
Here’s how to do get bonded:
- Your financial capability
- Your business or job performance history
- Your credit score
An expert underwriter will carefully evaluate all three in order to attain the best credit decision possible. To avoid any delay, the information that you should submit should be organized and concise.
What are the surety bond conditions?
- The surety bond should be issued by a surety bond agent or company that is authorized to conduct business in the State of South Carolina
- The Obligee of the surety bond will be the State of South Carolina
- The licensed mortgage broker is required to obey the provisions of the Licensing of Mortgage Brokers Act as well as the rules and regulations of the South Carolina Department of Consumer Affairs
- If the licensed mortgage broker violates the said Act, rules, or regulations, the Obligee of the surety bond will be eligible to file a claim against the surety bond