{"id":1140,"date":"2013-05-20T02:52:31","date_gmt":"2013-05-20T02:52:31","guid":{"rendered":"http:\/\/suretyone.com\/blog\/?p=1140"},"modified":"2017-01-03T16:20:34","modified_gmt":"2017-01-03T16:20:34","slug":"south-carolina-mortgage-broker-bond","status":"publish","type":"post","link":"https:\/\/suretyone.com\/blog\/south-carolina-mortgage-broker-bond\/","title":{"rendered":"South Carolina Mortgage Broker Bond"},"content":{"rendered":"<p>A broker applicant must post and maintain a <strong><a title=\"Surety One\" href=\"https:\/\/suretyone.com\" target=\"_blank\">South Carolina mortgage broker bond<\/a><\/strong>\u00a0in an amount determined by the Administrator of Consumer Affairs, that is based on the total dollar amount of mortgage loans originated in a calendar year. Pursuant to SC\u00a0SECTION <a title=\"SC Mortgage broker laws\" href=\"http:\/\/www.scstatehouse.gov\/code\/t40c058.php\" target=\"_blank\">40-58-20<\/a>,\u00a0&#8220;Acting as a mortgage broker&#8221; means to act for compensation by: (i) soliciting, processing, placing, or negotiating a mortgage loan for a borrower from a mortgage lender or depository institution or offering to to do the same, (ii) engaging in tablefunding of a mortgage loan, or (iii) acting as a loan correspondent, as that term is defined in <a title=\"HUD mortgage broker law\" href=\"http:\/\/portal.hud.gov\/hudportal\/HUD?src=\/program_offices\/administration\/hudclips\/handbooks\/hsgh\/4700.2\" target=\"_blank\">24 C.F.R. Part 202<\/a> (HUD Regs.). The <strong>South Carolina mortgage broker bond<\/strong> and licensing is required whether the broker&#8217;s actions are conducted by telephone, by electronic means, by mail, or in person. Acting as a mortgage broker also includes bringing a borrower and lender together to obtain mortgage loan or rendering a settlement service as described in <a title=\"Federal mortgage broker regs.\" href=\"http:\/\/www.law.cornell.edu\/uscode\/text\/12\/2602\" target=\"_blank\">12 U.S.C. 2602(3)<\/a> and 24 C.F.R. Part 3500. 2(b). \u00a0The formula for determining the amount of the <strong><a title=\"SC Mortg broker bond form from state\" href=\"http:\/\/www.consumer.sc.gov\/business\/licensing_registration\/MortgageBroker\/Documents\/bond.pdf\" target=\"_blank\">South Carolina mortgage broker bond<\/a><\/strong> is as follows:<\/p>\n<p>(1.) For a dollar volume of mortgage loans from $0 to $49,999,999, a mortgage broker bond of $25,000,<\/p>\n<p>(2.) For a dollar volume of mortgage loans from $50,000,000 to $99,999,999, a mortgage broker\u00a0bond of $40,000,<\/p>\n<p>(3.) For a dollar volume of mortgage loans greater than $100,000,000, a mortgage broker\u00a0bond of $55,000.<\/p>\n<p>*In no case will the <strong>South Carolina mortgage broker bond<\/strong> be less than the amount of twenty-five thousand dollars. The surety bond must be executed by a surety company with a certificate of authority from the South Carolina Department of Insurance and in a form satisfactory to the <a title=\"SC Admin of Consumer Aff.\" href=\"http:\/\/www.consumer.sc.gov\/business\/licensing_registration\/MortgageBroker\/Pages\/default.aspx\" target=\"_blank\">Administrator of Consumer Affairs<\/a>. The obligation must be executed in favor of the Administrator for the use of the State for the recovery of expenses, fines, and\/or fees levied pursuant to the mortgage broker law and for consumers who have losses or damages as a result of noncompliance with the same. The full amount of the <strong><a title=\"Surety One commercial surety page\" href=\"https:\/\/suretyone.com\/commercial-surety-bonds\" target=\"_blank\">South Carolina mortgage broker bond<\/a><\/strong> must be in effect at all times. Unless a new surety bond has been filed with the Administrator before the termination of the previous bond, cancellation of the bond by surety also terminates the broker&#8217;s license. In the event that the license expires based on bond cancellation, all broker activity must cease and the broker must apply for a license again. \u00a0The <strong>South Carolina mortgage broker bond<\/strong> is a STATE obligation however like most jurisdictions the broker must apply for his or her authority through the &#8216;Nationwide Mortgage Licensing System&#8217; (<a title=\"NMLS\" href=\"https:\/\/www.statemortgageregistry.com\/\" target=\"_blank\">NMLS<\/a>) and file the bond through that system as well.\u00a0<strong>South Carolina surety leader<\/strong>,\u00a0<a title=\"Surety One\" href=\"https:\/\/suretyone.com\/\" target=\"_blank\">Surety One, Inc.<\/a>\u00a0is a specialist in the bonding needs of the mortgage and financial services sector. \u00a0We can service both the surety and\u00a0<a title=\"Surety One fidelity bond page\" href=\"https:\/\/suretyone.com\/fidelity-bonds\" target=\"_blank\">fidelity bond<\/a>\u00a0needs of mortgage professionals in ALL fifty states, Puerto Rico and the U.S. Virgin Islands.\u00a0Visit us at\u00a0<a title=\"Surety One\" href=\"https:\/\/suretyone.com\/\" target=\"_blank\">SuretyOne.com<\/a>, call\u00a0<span style=\"color: #ff0000;\">(787) 333-0222<\/span>\u00a0or\u00a0<span style=\"color: #ff0000;\">(800) 373-2804<\/span>, or email us at\u00a0<span style=\"color: #ff0000;\">Underwriting@SuretyOne.com<\/span>\u00a0for a\u00a0<strong>South Carolina mortgage broker bond<\/strong>\u00a0application or information on ANY surety bond need.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A broker applicant must post and maintain a South Carolina mortgage broker bond\u00a0in an amount determined by the Administrator of Consumer Affairs, that is based on the total dollar amount of mortgage loans originated in a calendar year. Pursuant to&#8230; <a class=\"more-link\" href=\"https:\/\/suretyone.com\/blog\/south-carolina-mortgage-broker-bond\/\">Continue Reading &rarr;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[139],"tags":[1411,1410,1413,1412],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.7.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Carolina Mortgage Broker Bond &bull; Surety One, Inc.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/suretyone.com\/blog\/south-carolina-mortgage-broker-bond\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Carolina Mortgage Broker Bond &bull; Surety One, Inc.\" \/>\n<meta property=\"og:description\" content=\"A broker applicant must post and maintain a South Carolina mortgage broker bond\u00a0in an amount determined by the Administrator of Consumer Affairs, that is based on the total dollar amount of mortgage loans originated in a calendar year. 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