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Before we can cover MLO License Education Requirements in South Carolina, it is important to note that mortgage licenses in South Carolina are issued by two separate agencies. In South Carolina, the two agencies responsible for supervising and regulating the mortgage licenses are the South Carolina-BFI (Board of Financial Institutions) and the South Carolina-DCA (Department of Consumer Affairs).
The SC-BFI mandates individuals seeking MLO licensure to complete 20 hours of NMLS approved education, that includes instruction on federal law, ethics, nontraditional mortgage lending instruction, and South Carolina-specific instruction.
The SC-DCA requires individuals seeking MLO licensure to complete 20 hours of NMLS approved education that includes instruction on federal law, ethics, nontraditional mortgage lending instruction, and South Carolina-specific instruction.
Specifically, if licensing through the SC-BFI, the 20 hours of education includes instruction on 3 hours of federal law, 3 hours of ethics, covering fraud, consumer protection, and fair lending issues, 2 hours of non-traditional mortgage lending, 9 hours of undefined elective education, and 3 hours of South Carolina state-specific defined electives.
If you are seeking licensure through the SC-DCA, you will need to complete instruction on 3 hours of federal law, 3 hours of ethics, which covers fraud, consumer protection, and fair lending issues, 2 hours of non-traditional mortgage lending, 9 hours of undefined elective education, and 3 hours of South Carolina state-specific defined electives.
It is important to note that both the BFI and DCA applicants must complete 3 hours of South Carolina-specific electives, however, if licensing through BFI you must complete the BFI course and if licensing through DCA, you must complete the DCA course.
The SC-BFI MLO Application Checklist from the NMLS can guide you through the process of becoming a licensed MLO through the SC-BFI. View SC-BFI Checklist
The SC-DCA MLO Application Checklist from the NMLS can guide you through the process of becoming a licensed MLO through the SC-DCA. View SC-DCA Checklist
MLO applicants in in South Carolina, whether licensing through SC-BFI or SC-DCA, must complete the SAFE 20 Hour Education course and pass the NMLS National MLO exam to begin the licensing process. Our multiple format options for the 20-hour course allow you to meet your study needs and fit your schedule. View our course and test preparation options here.
As mentioned, if licensing through the SC-BFI or SC-DCA, one of MLO License Education Requirements in South Carolina includes completing 3 hours of South Carolina-defined electives. This course will focus on topics such as the licensing and operation of mortgage brokers and mortgage lenders, as well as disclosures and advertising, and prohibited acts and penalties. You can view our Online Self-Study options below.
As mentioned, mortgage licenses in South Carolina are issued by two separate agencies: South Carolina BFI and South Carolina DCA. The South Carolina Board of Financial Institutions (BFI) supervises MLO’s who are employed by mortgage lenders. The South Carolina Department of Consumer Affairs (SCDCA) supervises MLOs who are sponsored by mortgage brokers.
As highlighted earlier, fulfilling the MLO license education requirements for South Carolina includes successfully passing the NMLS National MLO Exam and obtaining your NMLS ID Number. To assist you in navigating these crucial steps, we have curated a collection of informative short videos below. These videos will guide you through the process of obtaining your NMLS ID, scheduling your exam, and offer valuable tips for acing the exam with confidence. By watching these videos, you can ensure that you are well-prepared and equipped for success in meeting the pre-licensing requirements for South Carolina. Subscribe to our YouTube Channel for more great tips and industry-related news!
Contact Information
My Mortgage Trainer, Inc.
8420 Masters Rd.
Indianapolis, IN 46250
(317) 566-0425
info@mymortgagetrainer.com
Office Hours
Monday – Thursday: 9AM – 6PM EST
Friday: 9AM – 4PM EST
Saturday – Sunday: Closed
All Scheduled Webinar and Instructor Led Course times are EST
NMLS Approved Provider #1400080