Click here for State of South Carolina Background Check Information and Forms
License Renewal Deadline: September 30th
Covered Licensees:
Mortgage Loan Brokers and Loan Officers are required to be licensed in South Carolina.
Effective January 13, 2005, the Mortgage Brokers Act (as codified in SC Code title 40 chapter 58) requires that Originators become licensed with the South Carolina Department of Consumer Affairs.
Below are some Frequently Asked Questions about this procedure.
Q. Who is an originator?
A. An Originator is someone who accepts or offers to accept applications for mortgage loans as an employee of a licensed Mortgage Broker. Please note that the law requires brokers and originators to notify the department of any changes in employment and restricts originators to being employed by only one broker. If you have questions concerning your status as an originator, please contact the South Carolina Department of Consumer Affairs.
Q. What is the procedure for licensing?
A. To apply, complete the application and send to the department for processing, include the licensing fee of $50 and the fee for a criminal records check of $25 for a total of $75 make checks payable to SCDCA. The application and instructions are available on the South Carolina Department of Consumer Affairs website.
Q. When must I be licensed? How long is this license valid?
A. To originate a mortgage after January 13, 2005 you must be licensed, however the licensing period for currently employed originators to be licensed runs from January 13, 2005 until March 31, 2005. After March 31, 2005 originators must be licensed to originate mortgages.
Q. Where can I get forms for licensing?
A. Forms are available at the SCDCA website at the SC Department of Consumer Affairs offices, located at 3600 Forest Drive, Suite 300, Columbia SC, 29204.
Q. What are the licensing fees for Loan Originators?
A. Loan Originators must be individually licensed at a cost of $50 each.
Q. What about Branch Offices?
A. After January 13, 2005, any new branch offices must pay a nonrefundable licensing fee of $150 per branch location.
Q. Are there other fees to be paid?
A. Owners of mortgage broker companies and originators are also required pay the cost of a SLED criminal records check. Originator criminal records checks will be completed when the originator is licensed. Owner criminal records checks will be completed at renewal for currently licensed companies and at application for all new companies.
Q. Are there continuing Education requirements?
A. Originators are required to receive 8 hours per year of continuing education.
Domicile Requirements:
Mortgage Loan Brokers are required to maintain a business office within the State of South Carolina that must be open during regular business hours and properly staffed.
Financial Regulations:
Mortgage Brokers must provide a surety bond of at least $10,000.00.
Licensing Requirements:
A. A Licensed Mortgage Broker must demonstrate two years experience as a loan originator (unless employed by a federal depository or mortgagee) unless waived to one year experience and specialized education.
B. All Loan Mortgage Brokers must complete 8 hours of continuing education for each calendar year if licensed after September 30, 1998.
C. Licensees may elect to complete 16 hours every two years if 8 hours can be carried forward.
D. The President of a Lender must complete 8 hours annually.
Mortgage-Education.com is pleased to offer a variety of web based courses that have been approved by the State of South Carolina to meet continuing education requirements only.
Frequently Asked questions for Mortgage Brokers
Q. Do I need a license to be a Mortgage Broker in the state of South Carolina?
A. Yes
Q. Who regulates 2nd mortgage lenders in excess of 12% APR?
A. The South Carolina Board of Financial Institutions, Consumer Finance Division at 803-734-2020 (1st mortgage lenders are not licensed but must comply with the S.C. Consumer Protection Code.)
Q. What is the procedure for obtaining a South Carolina license to become a Mortgage Broker?
A. You may download an application from our website where it is listed under "Related Mortgage Broker Documents” and clicking on Initial Filing Forms.
Q. Is South Carolina a "brick-and-mortar" state?
A. Yes, you must have a physical presence here. (See S.C. Code Ann. § 40-58-65)
Q. Can we broker a loan in South Carolina if we are a licensed broker in another state?
A. No, unless you possess a valid South Carolina Mortgage Broker's license.
Q. Are there exemptions for a one-time broker transaction in South Carolina?
A. No
Q. Can I co-broker a loan in South Carolina?
A. No, you must be a licensed broker in South Carolina.
Q. How do I verify whether a company has a current South Carolina Mortgage Broker License?
A. On our website under "Related Mortgage Broker Documents" by clicking on "Mortgage Broker Registrations", or by sending a faxed request to 803-734-4287.
Q. How do I obtain a list of South Carolina Mortgage Brokers?
A. You may obtain a paper copy only by sending a check or money order for $5.00 to South Carolina Department of Consumer Affairs, PO Box 5757, Columbia SC 29250-5757 or by printing the list from the South Carolina Department of Consumer Affairs website as decribed above..
Q. I have applied to get a South Carolina Mortgage Broker license. How long does this process take?
A. Between 2 - 4 weeks, if all forms are completed in their entirety and mailed to the South Carolina Department of consumer Affairs, P.O. Box 5757, Columbia, SC 29250-5757.
* The State of South Carolina has no Pre-License education.
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