3 Hour SC-BFI SAFE: Understanding South Carolina Mortgage Law Online Self-Study Pre-Licensing Education [Course #10960]
Course Format: OSS (Online Self-Study)
Credit Hours: 3 Elective PE Credit
NMLS Approval #10960
This 3-hour South Carolina BFI Mortgage Law pre-licensing education course is conducted in an online setting. Students are able to move through online courses at their own learning pace. My Mortgage Trainer, Inc. uses their Learning Management System (LMS) which supports multiple browsers.
Additionally, this course is delivered in four (4) modules of content and can be accessed at any time. The course will utilize case studies and practice quizzes to help you better comprehend the course material. As required by the NMLS, the class completes with a final exam and survey.
This course will cover key topics such as South Carolina Regulation, Licensing and Operation, Compliance, and Disciplinary Action. By the end of the course you will be able to:
- Understand the mission of SC-BFI and SC-DCA and be familiar with different business entities and license types each oversees;
- Know when to provide the attorney insurance preference form to consumers and ascertain the consumer’s preference as required by S.C. Code Ann. § 37-10-102;
- Know where NMLS ID numbers are required on documentation as required by S.C. Code Ann. § 37-22-110, et seq. and S.C. Code Ann. § 40-58-10, et seq;
- Understand how to comply with required provisions of section S.C. Code Ann. § 37-22-140(K) when licensed mortgage lenders act as a mortgage broker;
- Explain how to disclose fees properly on mortgage broker fee agreement and the timeline in which the mortgage broker fee agreement must be provided (S.C. Code Ann. § 40-58-75);
- Understand the consequences associated with failure to properly sign application forms;
- Articulate the requirements associated with the disclosure that identifies the agency designated to receive complaints or inquiries from the consumer (S.C. Code Ann. § 37- 23-70);
- Describe how state law is different from federal law regarding prohibited activities and mortgage broker fee agreement (S.C. Code Ann. § 40-58-70, 75 & 78; S.C. Code Ann. § 37-22-190);
- Understand the mortgage log requirement