South Carolina Mortgage Broker Bond |
AmeriPro Surety Bonds | 844-589-9732
Mortgage Brokers – South Carolina
Mortgage broker in South Carolina are regulated by the South Carolina Department of Consumers Affairs.
The Department is the obligee, that is, the entity which requires you to obtain the surety bond.
NMLS, the Nationwide Mutltistate Licensing System is where you will process both your licensing and file your surety bond.
Obtaining your surety bond from our agency will likely be the easiest step in the entire licensing process; and once you’ve purchased the SC mortgage broker bond, our agency can electronically file it on your behalf through NMLS.
Amount of Surety – Qualifying – And the Premium
The South Carolina mortgage broker bond is a $25,000 surety bond as required of applicants and as found on NMLS instructions.
Qualifying couldn’t be easier because after completion of a standard surety bond application, and payment of the premium — $188 for a year — this bond is issued to you immediately. What this means for yous is that with this mortgage broker bond, there is neither the standard underwriting review of your application nor the credit inquiry as is common with many surety bonds.
This bond, therefore, is issued to you instantly upon receipt of the premium. As stated above, our agency will also electronically file the bond on your behalf through NMLS or you may do so on your own.
Additional Premium Prepayment Options
At $188, the South Carolina mortgage broker bond is active for a standard term of one year from the date of issuance. Thereafter, of course, you will need to renew your surety bond.
Our agency also offers you the ability to prepay this surety bond for 2 or 3 years. Prepayment offers you a savings over year to year renewal of your surety bond premium.
The breakdown for premium prepayment is as follows:
- If prepaid for 2 years the premium is $338, a savings of $38;
- If prepaid for 3 years the premium is $489, a savings of $75.
This mortgage broker surety bond is a financial guarantee of your compliance with the Licensing of Mortgage Brokers Act, S.C. Code § 40-58-10 as also any amendments or additions to the law.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit surety bonds throughout South Carolina.
We also provide surety bonds nationwide.
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