South Carolina Mortgage Broker Bond

In South Carolina, mortgage brokers are required by the Department of Consumer Affairs to purchase and maintain Mortgage Broker Bond as part of the licensing process. The bond varies in liability requirement from $25,000 to $55,000 based upon 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 rate for all South Carolina Mortgage Brokers without a credit check.