Dual Three-Tier Schedules
Broker: $25K / $40K / $55K by volume (DCA). Lender/Servicer: $50K / $100K / $150K by volume (BFI). Individual Broker Qualified LOO: $25K flat. Bond amount based on SC mortgage call report data.
SC-BFI + DCA§ 40-58-40 & § 37-22Same-Day Issuance
South Carolina Mortgage Broker Surety Bond
Secure your South Carolina mortgage broker, lender, or servicer license with a surety bond from Surety One, Inc. — the nationwide leader in mortgage industry surety bonds. Broker bonds from $25,000, lender/servicer bonds from $50,000. Premiums individually determined by credit and financial review.
SC Mortgage Broker / Lender / Servicer Bond
$25K – $150K
By license type & SC volume • Two agencies • Premium based on credit
Broker (under $50M)$25,000
Broker (over $100M)$55,000
Lender/Servicer (under $50M)$50,000
Lender/Servicer (over $250M)$150,000
ObligeeSC DCA / SC-BFI
TurnaroundSame Day
Get Your Free Quote
Understanding Your Bond
What Is a South Carolina Mortgage Broker Surety Bond?
A South Carolina mortgage broker surety bond is a three-party agreement required for mortgage professionals operating in the Palmetto State. South Carolina uses a dual regulatory structure: the Department of Consumer Affairs (DCA) regulates mortgage brokers under the Licensing of Mortgage Brokers Act (Title 40, Chapter 58, § 40-58-40), while the Board of Financial Institutions (BFI), Consumer Finance Division, regulates mortgage lenders and servicers under the Mortgage Lending Act (Title 37, Chapter 22).
South Carolina has a unique enforcement mechanism: the license expires automatically upon bond termination unless a replacement bond is filed before the previous bond terminates. This means maintaining continuous bond coverage is critical — a gap in coverage results in immediate license expiration and a requirement to reapply.
Both the broker bond and lender/servicer bond use three-tier volume-based schedules, with separate tier levels for each license type. The broker bond is executed to the Administrator (DCA) for the use of the State and consumers.
The Three Parties
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PrincipalThe mortgage broker, lender, or servicer who purchases the bond and must comply with SC mortgage licensing law.
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ObligeeThe SC Administrator/DCA (brokers) or the SC Board of Financial Institutions, Consumer Finance Division (lenders/servicers).
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SuretySurety One, Inc. — the company that underwrites and issues the bond, guaranteeing the principal's compliance with South Carolina licensing law.
License Expires on Bond Termination
South Carolina's automatic license expiration upon bond termination is one of the strictest enforcement mechanisms in any state. If your bond lapses, all licensed activity must cease immediately and you must reapply for a new license under § 40-58-50. Maintaining continuous coverage is essential.
Bond Amount Schedule
South Carolina Mortgage Bond Amounts by License Type
Brokers and lenders/servicers have separate bond schedules administered by different agencies. Both are based on the total dollar volume of SC mortgage loans originated in a calendar year.
Mortgage Broker (Department of Consumer Affairs)
| SC Mortgage Loan Volume (Calendar Year) | Bond Amount |
|---|---|
| $0 – $49,999,999 | $25,000 |
| $50,000,000 – $99,999,999 | $40,000 |
| $100,000,000 or more | $55,000 |
| Broker Qualified Loan Originator (individual) | $25,000 (flat) |
Mortgage Lender / Servicer (Board of Financial Institutions)
| SC Loan Volume (Calendar Year) | Bond Amount |
|---|---|
| Under $50,000,000 | $50,000 |
| $50,000,000 – $249,999,999 | $100,000 |
| $250,000,000 or more | $150,000 |
Two Agencies, Two Mailing Addresses
Lender/servicer bonds are mailed to the Consumer Finance Division, 1205 Pendleton Street, Suite 306, Columbia, SC 29201 (email first to cfd@bofi.sc.gov for verification). Broker bonds are mailed to the Department of Consumer Affairs, P.O. Box 5757, Columbia, SC 29250-5757. Apply now or call (800) 373-2804.
South Carolina Licensing Requirements
Key Bond & Licensing Requirements
South Carolina's dual-agency structure and automatic license expiration upon bond termination make continuous bond coverage essential for mortgage professionals.
DCA + BFI Dual Agencies
DCA regulates mortgage brokers (Title 40, Ch. 58). BFI Consumer Finance Division regulates lenders/servicers (Title 37, Ch. 22). Both use NMLS. Separate filing addresses for each agency.
Two Statutory Frameworks
Broker bonds: § 40-58-40 (Licensing of Mortgage Brokers Act, 2009 Act No. 67). Lender/Servicer bonds: § 37-22 (Mortgage Lending Act). HMDA mortgage log required under § 40-58-65 and § 37-22-210.
Business Plan Required First
Business plans must be submitted to SC-BFI before applying through NMLS. QI/Managing Principal must be a licensed SC MLO per § 37-22-140(B)(C)(1). Owner must have minimum 3 years financial services experience.
NMLS + Original Mail
Applications filed through NMLS. Original bond with signatures must also be mailed to the appropriate agency. Lender bonds must be emailed to BFI for verification before mailing the original.
Nov 1 – Dec 31 Renewal
License renewal window November 1 to December 31. 45-day cancellation notice required. License expires automatically on bond termination — a gap means license loss and reapplication. Annual mortgage log due March 31.
Consumer Protection
What Does This Bond Protect Against?
South Carolina mortgage surety bonds provide consumer protection through both the broker and lender/servicer regulatory frameworks. The bond covers:
Statutory Noncompliance
Violations of the Licensing of Mortgage Brokers Act (Title 40, Ch. 58) or the Mortgage Lending Act (Title 37, Ch. 22) and all related regulations by the licensee or its employees.
Consumer Losses & Damages
Consumers who have losses or damages as a result of noncompliance with the applicable chapter may recover from the bond. The bond is executed to the Administrator for the use of the State and consumers.
Regulatory Cost Recovery
The bond covers recovery of expenses, fines, and fees levied pursuant to the applicable chapter — providing direct regulatory enforcement funding through the bond.
Automatic License Enforcement
The license expires automatically upon bond termination, creating one of the strongest enforcement mechanisms of any state — ensuring continuous consumer protection as long as the license is active.
How It Works
Get Your South Carolina Mortgage Broker Bond in 4 Steps
Surety One makes obtaining your South Carolina mortgage broker or lender surety bond fast and straightforward. Most bonds are issued the same business day.
Apply Online
Complete our mortgage bond application online or call us at (800) 373-2804. There's no cost and no obligation.
Get Your Quote
Our underwriters review your application and provide a competitive premium quote, typically within hours. We work with all credit profiles.
Purchase & Sign
Accept your quote, complete the indemnity agreement, and pay your premium. We prepare the bond in the form required by SC-DCA or SC-BFI.
Filed & Mailed
Surety One files the bond through the NMLS and provides the original signed bond for mailing to the appropriate SC agency. Lender bonds are also emailed to BFI for pre-verification.
Understanding Your Premium
How Is My Premium Determined?
Your premium — the actual amount you pay — is a percentage of your required bond amount. You do not pay the full bond amount. Your rate is individually determined through underwriting review.
| Underwriting Factor | How It Affects Your Premium |
|---|---|
| Required Bond Amount | Your license type and SC loan volume determine the bond ($25K–$150K). Higher amounts result in higher premiums. |
| Personal Credit Score | Your FICO score is a primary factor. Stronger credit profiles generally qualify for lower premium rates. |
| Financial Statements | Bond amounts over $50,000 typically require personal and business financial statements. SC requires GAAP financials within 90 days of fiscal year end. |
| Industry Experience | SC requires the QI/Managing Principal to have 3 years of financial services experience. Your history may further influence terms. |
| Claims History | Any prior surety bond claims or regulatory actions may influence the terms offered. |
Every Applicant Receives a Personalized Quote
Because premiums are individually determined, the only way to know your exact cost is to apply. Surety One provides free, no-obligation quotes — and we decline no application. We offer non-standard programs for applicants with impaired or limited credit. Apply now or call (800) 373-2804.
Common Questions
South Carolina Mortgage Broker Bond FAQ
SC broker bonds range from $25,000 to $55,000 based on SC loan volume. Lender/servicer bonds range from $50,000 to $150,000. Individual Broker Qualified LOO bonds are $25,000 flat. Your premium is a percentage of the required amount, individually determined by credit and underwriting review. Apply for a free, no-obligation quote.
South Carolina has a dual regulatory structure. The Department of Consumer Affairs (DCA) regulates mortgage brokers under the Licensing of Mortgage Brokers Act (Title 40, Chapter 58). The Board of Financial Institutions (BFI), Consumer Finance Division, regulates mortgage lenders and servicers under the Mortgage Lending Act (Title 37, Chapter 22). Both use the NMLS.
In South Carolina, the license expires automatically upon bond termination unless a new bond is filed before the previous bond terminates. If the license expires due to bond termination, all licensed activity must cease immediately and the person must reapply for a new license. This is one of the strictest enforcement mechanisms of any state.
South Carolina requires 45 days' written notice from the surety to the Administrator before a bond cancellation is effective. The full amount of the bond must be in effect at all times during the license period. Surety One coordinates replacement bonds to ensure continuous coverage.
Yes. For lender/servicer licenses, business plans must be submitted to SC-BFI before applying through the NMLS. This is a mandatory prerequisite. Additionally, the Managing Principal/QI must be a licensed South Carolina MLO and meet the requirements of § 37-22-140(B)(C)(1).
Yes. Surety One declines no application. We offer non-standard surety bond programs for applicants with impaired credit, limited credit history, or other underwriting challenges. Premium rates for non-standard credit will be higher, but we work to find terms that fit each applicant's situation.
Yes. While applications are filed through the NMLS, South Carolina requires the original bond with signatures to be mailed to the appropriate agency. Lender/servicer bonds must also be emailed to BFI (cfd@bofi.sc.gov) for verification before mailing the original. Surety One handles all filing coordination.
The renewal window runs November 1 through December 31. Bond amounts are recalculated based on mortgage call report data. If your required bond amount has changed, submit a surety bond rider with original signatures to the Division. All licensees must also file an annual mortgage log with the DCA by March 31.
The Surety One Advantage
Why Choose Surety One, Inc.?
Surety One is a national surety leader specializing in the bonding needs of mortgage professionals across all 50 states, Puerto Rico, and the U.S. Virgin Islands.
SC Dual-Agency Specialists
South Carolina's split between DCA and BFI requires a surety that knows both agencies. We issue all SC mortgage bond types — broker, lender, servicer, and individual LOO bonds — with coordinated filing to both agencies.
Same-Day Issuance
Most South Carolina mortgage bonds are issued the same business day. Our 24/7/365 underwriting team provides guaranteed same-day feedback on every submission.
A+ BBB Rated
Surety One carries an A+ rating with the Better Business Bureau in both our U.S. and Puerto Rico offices, reflecting our commitment to client satisfaction and ethical practices.
All Credit Accepted
We decline no application. Our non-standard programs provide access to bonding for applicants with damaged or limited credit histories. Everyone gets a fair review.
Multi-State Expertise
Operating in the Southeast? We streamline your bonding across South Carolina and all 50 states with a single point of contact, ensuring compliance everywhere.
Free Quotes, No Obligation
Application review and quoting are always free. There is no obligation to purchase. Contact us by phone, email, or live chat to explore your options.
