The Board of Financial Institutions and the Department of Consumer Affairs manage the licensure of mortgage lenders, mortgage servicers, and mortgage brokers within the State of South Carolina.
To qualify for and maintain a mortgage license, a surety bond may be required by the appropriate government agency—either a Mortgage Lender/Servicer Bond or a Mortgage Broker Bond. Occasionally these bonds are referred to as Mortgage Special Deposit Bonds, but we’re going to stick with what they're well known by in this article.
Jet Insurance Company provides the South Carolina Mortgage Bonds listed above to act as a financial assurance that the mortgage professional will abide by the regulations of their license. If the licensee commits a violation that causes financial damages, funds from the bond may be used as a means of restitution for the claimant.
According to the Board of Financial Institutions, the Mortgage Lender/Servicer Bond limit is based on the dollar volume of mortgage loans originated or serviced by the licensee.
At Jet, prices for surety bonds are a small fraction of the bond’s limit and are based on a soft credit check of the applicant. So if you qualify for the minimum required limit of $50,000 for a Mortgage Lender/Servicer Bond, Jet’s rates start at $188 for a one-year term or $19 a month.
Take a look at the price chart below for further information.
Dollar Volume of Mortgage Loans | Bond Limit | Monthly | 1-Year |
---|---|---|---|
$0 to $49,999,999 | $50,000 | $19 | $188 |
$50,000,000 to $249,999,999 | $100,000 | $38 | $375 |
$250,000,000 and greater | $150,000 | $56 | $563 |
As for the Mortgage Broker Bond, the Department of Consumer Affairs bases the limit on the dollar volume of mortgage loans conducted by the broker. Let’s say you only need a $25,000 Mortgage Broker Bond, rates are available at just $94 for a one-year term or an affordable $9 a month.
Additional details on how to determine your limit and Jet’s preferred tier rates can be found in the following price chart.
Dollar Volume of Mortgage Loans | Bond Limit | Monthly | 1-Year |
---|---|---|---|
$0 to $49,999,999 | $25,000 | $9 | $94 |
$50,000,000 to $99,999,999 | $40,000 | $15 | $150 |
$100,000,000 or greater | $55,000 | $21 | $206 |
Both the South Carolina Board of Financial Institutions, Consumer Finance Division and the South Carolina Department of Consumer Affairs utilizes the Nationwide Multistate Licensing System and Registry (NMLS) for the administration of mortgage licenses, as well as the filing of surety bonds. So once you purchase the appropriate Mortgage License Bond Jet, it must be filed with the NMLS.
Jet can handle filing your bond for you! We just need you to grant us permission to act as your designated surety company with the NMLS (Jet Insurance Company NAIC #16379). If you are unsure how to do this, the NMLS breaks it down within the Electronic Surety Bond for Licensees webpage.
In South Carolina, the renewal period for mortgage licenses is between November 1st and December 31st of each year. To ensure you experience a seamless license renewal application process, select the renewal button at the bottom of the page for more information.
If you are in need of further details on the mortgage industry, licensure processes in multiple states, and applicable surety bond regulations, take a look at Jet’s comprehensive Mortgage License Bonds Guide.