South Carolina

Mortgage Banker

BFI Mortgage Banker License

Physical In-State Office Required: No
Qualifying Individual: Yes, 3 years of mortgage experience must complete NMLS Education and Testing for SC LO License.
Minimum Net Worth: $ None
Surety Bond: $50,000 to $150,000
Comment: Must have delegated underwriting authority from investors and/or underwrite loans in-house, must make final credit approval decision, and must have a warehouse line with no restrictions on which investor you can sell loans to.

License Cost Breakdown – Estimated fees not including Integrity Mortgage Licensing Service Fee:
$1,100 – Company License Fee
$500 – $50k Surety Bond
$160 – Foreign Entity Fee
$125 – Registered Agent Fee
$54.25 – Fingerprint Fee per Owner/Officer not obtaining SC LO License
$35 – Fingerprint Fee per Owner/Officer obtaining SC LO License

Mortgage Broker

DCA Mortgage Broker License

Physical In-State Office Required: No, eliminated in 2017
Qualifying Individual: Yes, must show proof of 3 years of financial services related experience and must complete the SC LO Licensing requirements.
Minimum Net Worth: $ None
Surety Bond: $25,000

License Cost Breakdown – Estimated fees not including Integrity Mortgage Licensing Service Fee:
$160 – Foreign Entity App
$125 – Registered Agent Fee
$850 – Company License Fee
$250 – SC $25k Surety Bond
$54.25 – Fingerprint Fee per Owner/Officer

Regulated by:

Department of Consumer Affairs

2221 Devine Street, 2nd Floor
Columbia, SC 29205
Telephone: 803-734-4200
Fax: 803-734-4286
Staff Attorney | Charles Knight | CKnight@scconsumer.gov | 803-734-4187 | Fax: 803-734-4229

State Board of Financial Institutions
Consumer Finance Division

1205 Pendleton Street, Suite 306
Columbia, SC 29201-3756
Phone: 803-734-2020
Tammy Meetze | tammy.meetze@bofi.sc.gov | 803-734-3169
Ron Bodvake | ron.bodvake@bofi.sc.gov
Sam Baker | sam.baker@bofi.sc.gov