Section 40-58-50(E)(2) of the South Carolina Mortgage Broker Act governs applications to be licensed as a qualified loan originator. Subsection (b) requires the applicant to meet the surety bond requirement of a mortgage broker pursuant to Section 40-58-40, and states that the principal on the surety is the qualified loan originator. Section 40-58-40 sets a $25,000 minimum bond, executed to the Administrator of the Department of Consumer Affairs, for the use of the State for expenses, fines, and fees and for consumers with losses or damages. Subsection (c) requires the originator to act as agent for a single sponsoring mortgage broker, who signs the application and is jointly and severally liable for claims arising from the originator's mortgage origination activities.

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SC Qualified Loan Originator Special Deposit Bond: $150 flat for the $25,000 bond required under S.C. Code 40-58-50(E)(2)(b). Issued instantly.

Qualified Loan Originator Special Deposit Bond ($25,000)

South Carolina - Mortgage Broker Qualified Loan Originator Special Deposit Bond

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