How to get South Carolina Mortgage Loan Originator Prelicensing Education PE and SC Continuing Education CE Requirements Met
1. Get your NMLS Number
If you have not done so already, it takes 1 -2 minutes to get your NMLS number. https://www.statemortgageregistry.com/Public/Login.aspx Click "Request an account" Click "Individual" We try to make all of these things easier, what questions may we answer? Use the chat feature on the bottom right corner of every web page to get answers now!
2. Get and complete your SC 20 BFI Hour Prelicense Education PE Course Bundle including the best MLO test prep program available. not sure if you need a BFI or DCA license, read more below. Get your SC DCA 20 hour bundle here.
3. Pass the NMLS Nation Component Exam with Uniform State Test using our included test preparation program and add other states by getting and completing state PE courses
4. Apply for your South Carolina MLO License through the NMLS, the licensing system will prompt you at this point for your next steps after opening your SC Mortgage Loan Originator application.
Questions about qualifications on any part of the process? Use the chat feature on the bottom right of this webpage or click here and get answers fast!
South Carolina – BFI
Pre-Licensure Education Requirements
**Update South Carolina has enacted a new 3 hour prelicensure course requirement our narrated 3 hour fulfills this requirement! New state-licensed mortgage loan originators must complete 20 hours of NMLS approved education. This education must include 3 hours of Federal law, 3 hours of ethics and 2 hours of non-traditional mortgage lending, plus 12 hours of undefined education (referred to as electives). Number of hours is 3/3/2/12 = 20 Click to Get the South Carolina 20 Hour Course Bundle with a SAFE 20 Hour course, Test Preparation Package AND the 3 Hour SC SAFE PE Course
SC Mortgage Loan Originator Continuing Education Requirements
Get the NMLS Approved South Carolina CE Course **effective 2018 for 2019 license renewals 1 hour South Carolina state specific NMLS continuing education requirement included with the total of 8 hours continuing education! Every state-licensed MLO (in any approved status) is required to complete at least 8 hours of NMLS approved education annually beginning the year they are licensed (unless PE was completed in the same year). Annual CE education must include 3 hours of Federal law, 2 hours of ethics (which shall include fraud, consumer protection, and fair lending issues), and 2 hours of non-traditional mortgage lending, plus one additional hour of SC related law training (referred to as an elective). Number of hours is 3/2/2/1 = 8 South Carolina enacted state specific CE requirement in 2017 effective for courses taken in 2018 for the 2019 license renewal. MLOs are advised that to comply with the SAFE Act’s “successive years” rule, they may not take the same CE course two years in a row. MLO’s are advised not to retake pre-licensure education (PE) unless directed to by a State Regulator. PE education does not count towards meeting annual CE requirements.
| Am I required to take Continuing Education this year? | |||
| If I completed SAFE Act PE in 2009-2023 | and I was licensed in 2009-2023 | am I required to complete CE in 2024 | YES |
| If I completed SAFE Act PE in 2024 | and I was approved for an initial license in 2024 | am I required to complete CE in 2024 | No |
Deadline
The deadline to complete CE is December 31, 2022. However, MLOs with South Carolina-BFI are prohibited from submitting an application to renew their license if they have not completed CE. Since it may take as long as seven (7) days for a course provider to report a course completion into NMLS, MLOs are strongly encouraged not to wait until the last minute to try to complete CE or they may be prevented from submitting for renewal on time.
South Carolina – DCA MLO Prelicensing Education Requirements
**Update South Carolina has enacted a new 3 hour prelicensure course requirement our online 3 hour audio narrated course fulfills this requirement! New state-licensed mortgage loan originators must complete 20 hours of NMLS approved education. This education must include 3 hours of Federal law, 3 hours of ethics and 2 hours of non-traditional mortgage lending, 3 hours South Carolina mortgage related law training, plus 9 hours of undefined education (referred to as electives). Number of hours is 3/3/2/3/9 = 20 South Carolina enacted a 3 hour state specific PE requirement in 2017.
MLO Continuing Education Requirements
Every state-licensed MLO (in any approved status) is required to complete at least 8 hours of NMLS approved education annually beginning the year they are licensed (unless PE was completed in the same year). Annual CE education must include 3 hours of Federal law, 2 hours of ethics (which shall include fraud, consumer protection, and fair lending issues), and 2 hours of non-traditional mortgage lending, plus one additional hour of undefined education (referred to as an elective). Number of hours is 3/2/2/1 = 8 South Carolina enacted state specific CE requirement in 2017 effective for courses taken in 2018 for the 2019 license renewal. MLOs are advised that to comply with the SAFE Act’s “successive years” rule, they may not take the same CE course two years in a row. MLO’s are advised not to retake pre-licensure education (PE) unless directed to by a State Regulator. PE education does not count towards meeting annual CE requirements.
| Am I required to take Continuing Education this year? | |||
| If I completed SAFE Act PE in 2009-2023 | and I was licensed in 2009-2023 | am I required to complete CE in 2023 | YES |
| If I completed SAFE Act PE in 2024 | and I was approved for an initial license in 2024 | am I required to complete CE in 2024 | No |
Deadline
The deadline to complete CE is December 31, 2022. However, MLOs with South Carolina-DCA are prohibited from submitting an application to renew their license if they have not completed CE. Since it may take as long as seven (7) days for a course provider to report a course completion into NMLS, MLOs are strongly encouraged not to wait until the last minute to try to complete CE or they may be prevented from submitting for renewal on time.
South Carolina Licensing Questions Answered, Ask Us!
South Carolina Mortgage Regulator Contact Information
WHO TO CONTACT – Contact South Carolina Department of Consumer Affairs licensing staff by phone at 803-734-4200 or send your questions via e-mail to SCMortgageBroker@scconsumer.gov for additional assistance.
How much does a SC MLO license cost? SC DCA MLO License costs $131.25 itemized below
License costs: $80.00 including the NMLS processing fee. A $15 fee for a credit report will be added if one has not been authorized through NMLS in the past 30 days. There will be an additional fee of $36.25 when a FBI criminal background check is authorized through NMLS.
South Carolina MLO NMLS Checklist
Who has to be licensed in SC as an MLO SC Processor?
This SC DCA MLO license is required for an employee of a mortgage broker, who for compensation or gain, or in the expectation of compensation or gain, directly or indirectly solicits, processes, places, or negotiates a mortgage loan on a South Carolina dwelling for a borrower from a mortgage lender or depository institution, or tablefunds or acts as loan correspondent or brings borrowers and lenders together to obtain a mortgage loan
South Carolina notes
A sponsorship request must be submitted by your employer before your application request will be approved. If the applicant is not currently employed by a mortgage company, the license will be issued as “Approved-Inactive” until you are sponsored by a licensed mortgage company. You are not authorized to conduct business in an “Approved-Inactive” status. A Loan Originator shall not be sponsored simultaneously by more than one Mortgage Broker licensed pursuant to South Carolina law.