Become A Mortgage Broker In South Carolina
Article Summary: This article will help anyone looking for information pertaining to a mortgage license in the state of South Carolina or anyone looking to become a mortgage broker in South Carolina.
The South Carolina Department of Consumer Affairs, www.scconsumer.gov,
handles all aspects of regulating and supervising Mortgage Brokers who work within the state. The term 'Mortgage Loan Broker,'
was used until recently to mean a 'Mortgage Broker.'
Even though licensed in another state, Mortgage Brokers must still be licensed in South Carolina if doing even one transaction.
Co-brokering is not allowed; one must be a licensed Mortgage Broker in order to negotiate loans in South Carolina.
Applicants who desire to become a Mortgage Broker in South Carolina pay
an Initial Filing Fee of $750 and provide a continuous Surety Bond of $10,000.
The current renewal fee is $550 and each Satellite Office fee is $150. Other
requirements include validation of financial responsibility, general character
and fitness, and educational background.
Before applying, applicants must have either two years of experience working as a loan originator under a licensed Mortgage Broker,
or provide proof of two years employment in actively originating residential mortgage loans for specific federal institutions, or be
licensed as a mortgage broker in South Carolina before October 1, 1998. An applicant may substitute one of the required year's experience
with specific accredited academic studies.
Although no educational courses are required when one originally applies to be a Mortgage Broker in South Carolina, those licensed
need to complete at least eight hours of approved continuing education courses each year.
Mortgage Brokers must maintain an official place of business within the state.
The office needs to be open during regular business hours and staffed by one
or more employees.
All necessary and related
forms can be found by visiting the South Carolina Department of Consumer
Affairs website.
The South Carolina Mortgage Brokers Association (SCMBA), www.scmba.org,
is an affiliate of the National Association of Mortgage Brokers (NAMB), www.namb.org. These organizations provide excellent
resources for those who desire to obtain a Mortgage Broker License in South Carolina.
We also offer information and resources for South Carolina
Commercial Mortgage.
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