South Carolina Mortgage Broker Bond
The South Carolina Department of Consumer Affairs (DCA) reuqires mortgage brokers to obtain a surety bond. The bond amount varies based on the previous calendar year total volume of mortgages according to the following scale:
| Aggregate Loan Amount | Bond Amount Required | Annual Premium |
| $0 - $49,999,999 | $25,000 | $150 |
| $50,000,000- $99,999,999 | $40,000 | $240 |
| $100,000,000+ | $55,000 | $330 |
Overview
In South Carolina, the Department of Consumer Affairs requires mortgage brokers to purchase and maintain a mortgage broker bond as part of the licensing process. The bond's liability requirement varies from $25,000 to $55,000 based on the volume of mortgages originated in the preceding calendar year.
This bond is designed to offer financial protection to clients and the state in the event of financial loss caused by the mortgage broker. The NNA has secured a $6 premium per $1,000 in liability rate for all South Carolina mortgage brokers without a credit check.