All licensed mortgage brokers must have a bond for at least $25,000 effective January 1, 2010. Letters of credit will not be acceptable.
All licensees and new applicants must submit all filings through the Nationwide Mortgage Licensing System and Registry (NMLS) at www.statemortgageregistry.com.
Additional instructions for the NMLS can be found at the NMLS Resource Center at http://mortgage.nationwidelicensingsystem.org.
The Mortgage Broker Act requires that all businesses offering mortgage brokerage services, includes loan correspondents, table-funding and independent contrator (third party) loan processors and underwriters, in the State file with the S.C. Department of Consumer Affairs using the NMLS. The current Initial Filing Fee is $750. Renewal Fee is $550. NMLS processing fees are not included in the above.
Licensing Instructions and Forms
Compliance Review Report
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- 2007 Mortgage Fraud Report