South Carolina Mortgage Loan Originator License

South Carolina Mortgage Education

EasyRealEstateSchool.com offers these South Carolina mortgage education courses in conjunction with MortgageEducation.com. All the mortgage education courses are NMLS-approved and will satisfy all the required education hours for your state. Should you have any questions please feel free to contact MortgageEducation.com.

South Carolina Mortgage Loan Originator License

Who is required to have this license?

Any natural person who, in exchange for compensation or gain or in the expectation of compensation or gain as an employee of a licensed mortgage lender, solicits, negotiates, accepts, or offers to accept applications for mortgage loans, including electronic applications, or includes direct contact with, or informing mortgage loan applicants of, the rates, terms, disclosures, and other aspects of the mortgage loan.

Who does not need this license?

  • An employee of a licensee whose responsibilities are limited to clerical or support duties for the employer and who does not solicit borrowers, accept applications, or negotiate the terms of loans on behalf of the employer.
  • A depository institution or a subsidiary that is wholly owned and controlled by the depository institution and regulated by a federal banking agency or an institution regulated by the Farm Credit Administration.
  • An officer, registered loan originator or employee of an exempt person acting in the scope of employment for the exempt person.
  • A person who offers or negotiates terms of a mortgage loan with or on behalf of an immediate family member of the individual.
  • An individual who offers or negotiates terms of a mortgage loan secured by a dwelling that served as the person’s residence.
  • A natural person who sells residential real estate and who lends or services, in one calendar year, no more than five purchase money notes secured by mortgages, deeds of trust, or other security instruments on the real estate sold as security for the purchase money obligation, unless the United States Department of Housing and Urban Development or a court of competent jurisdiction determines that this exemption is not in compliance with the SAFE Act pursuant to Section 1508 of Title V of The Housing and Economic Recovery Act of 2008, Public Law 110-289.
  • An employee whose employment as a processor or underwriter is undertaken pursuant to the direction and supervision of a licensee or exempt person except when the processor or underwriter is working as an independent contractor.
  • An attorney who negotiates the terms of a residential mortgage loan on behalf of a client as an ancillary matter to the attorney’s representation of the client, unless the attorney is compensated by a mortgage lender, a mortgage broker, or other mortgage loan originator or by an agent of the mortgage lender, mortgage broker, or other mortgage loan originator.
  • An attorney who works for a mortgage lender, pursuant to a contract, for loss mitigation efforts or third party independent contractor who is HUD-certified, Neighbor works-certified, or similarly certified, who works for a mortgage lender, pursuant to a contract, for loss mitigation efforts.
  • A manufactured home retailer and its employees if performing only clerical or support duties in connection with the sale or lease of a manufactured home and the manufactured home retailer and its employees receive no compensation or other gain from a mortgage lender or a mortgage broker for the performance of the clerical or support duties.

What are the pre-requisites for license applications?

  • Have attained the age of at least eighteen years of age.
  • Work for a licensed mortgage lender (W2 employee).
  • Have satisfactorily completed pre-licensing education of at least twenty hours and a written examination. To satisfy the twenty hours of pre-licensing education, an applicant may show proof of the equivalent of twenty or more semester hours of satisfactorily completed course work in real estate finance or real estate law or course work that is equivalent to the education requirements in the SAFE Act pursuant to Section 1508 of Title V of The Housing and Economic Recovery Act of 2008, Public Law 110-289 if the course work counts toward the successful completion of a degree that is baccalaureate level or more advanced with a major or minor in finance, accounting, business administration, real estate finance economics, or similar baccalaureate or more advanced degree, from an accredited college or university. The coursework must be approved by NMLS.
  • Have never had a loan originator license revoked in any governmental jurisdiction.
  • Have not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, or military court (1) during the ten-year period preceding the date of the application for licensing or (2) at any time, if the felony involved an act of fraud, dishonesty, breach of trust, or money laundering.
  • Consent to a national and state fingerprint-based criminal history record check and submission of a set of the applicant’s fingerprints.
  • Authorization for a credit report
  • Applications must be made through NMLS.

 

For more information about the actual course please visit Mortgage Education Course FAQ’s.

South Carolina Mortgage Loan Originator License

 


South Carolina State Requirments

SAFE ACT Requirements

Board of Financial Institutions (SC-BFI):

  • SAFE MLO Test – All licensees must pass the National and State Component of the SAFE MLO Test by 7/30/2010.
  • Criminal Background Check – All licensees must submit fingerprints through NMLS for a criminal background check by 7/30/2010.
  • Credit Report – All licensees must authorize a credit report through NMLS by 7/30/2010.

Department of Consumer Affair (SC-DCA):

  • SAFE MLO Test – All new applicants on or after 7/30/2009 must pass the National and State Components of the SAFE MLO Test 7/30/2010.Existing licensees before 7/30/2009 must pass the National and State Components of the SAFE MLO Test by 12/31/2010
  • Criminal Background Check – All new applicants on or after 7/30/2009 must submit fingerprints through NMLS for a background check by 7/30/2010. Existing licensees on or before 7/30/2009 must submit fingerprints through NMLS for a background check by 12/31/2010.
  • Credit Report – All new applicants on or after 7/30/2009 must authorize a credit report through NMLS by 7/30/2010. Existing licensees on or before 7/30/2009 must authorize a credit report through NMLS by 12/31/2010.

South Carolina Mortgage Education Requirements

  • SAFE Act Pre-License (Required courses – SAFE CORE 8 hours) –
    • Board of Financial Institutions (SC-BFI) – All new applicants on or after 7/30/2010 must have completed 20 hours of NMLS approved pre-licensure education.
    • Department of Consumer Affair (SC-DCA) – All new applicants on or after 7/30/2009 must have completed 20 hours of pre-licensure education by 7/30/2010. Existing licensees before 7/30/2009 must complete 20 hours of NMLS approved pre-licensure education by 12/31/2010, unless the licensee completed at least 20 hours of state approved education prior to 3/31/2010. State approved courses will no longer be accepted after 3/31/2010.
  • SAFE Act Pre-License (Required courses – SAFE CORE 8 hours) –
    • Board of Financial Institutions (SC-BFI) – All licensees must take 8 hours of NMLS approved continuing education in 2011 in order to renew for 2012. This course should be taken Yearly by 12/31.
    • Department of Consumer Affair (SC-DCA) – All licensees must take 8 hours of NMLS approved continuing education in 2011 in order to renew for 2012. This course should be taken Yearly by 12/31.
  • Certification (Education) – Currently licensed MLOs who have completed at least 20 hours of SC-DCA state approved education on or before 3/31/2010 may be eligible to participate in the PE certification process and may not need to take the NMLS approved pre-licensure education. Refer to your state agency for more information.

For more information about the actual course please visit Mortgage Education Course FAQ’s.

South Carolina Mortgage Loan Originator License