This course is designed to prepare candidates to take the exam to become a state-licensed mortgage loan originator in South Carolina under the South Carolina Board of Financial Institutions (BFI). This 3-hour course covers state-specific rules and regulations, and is required as part of the 20 hours of prelicensure education needed to become a South Carolina BFI-licensed mortgage loan originator.

Topics and Learning Objectives

This course consists of six modules and a final exam:

1. Mortgage Lending Definitions (20 minutes)

2. Agency Structure and Supervision (11 minutes)

3. Licensing and the Mortgage Brokers Act (21 minutes)

4. Maintaining Licensure (17 minutes)

5. Mortgage Regulations (43 minutes)

6. Enforcement and Prohibited Acts (18 minutes)

7. Final Exam (20 minutes)

Total study time: 3 credit hours (150 minutes)

Module 1: Mortgage Lending Definitions

Important definitions are defined under South Carolina Code of of Laws Section 40-58-20. This module will help you understand these terms as they are used throughout the course and your future loan origination practice.

Module 2: Agency Structure and Supervision

The South Carolina Board of Financial Institutions (BFI) is responsible for licensing and regulations for those authorized in South Carolina to work in the mortgage lending industry as mortgage loan originators, mortgage lenders, mortgage bankers, or mortgage servicers.

The South Carolina Department of Consumer Affairs (SCDCA) is the agency responsible for mortgage broker regulations.

These two agencies keep an eye out for unfair lending practices that might harm South Carolina residents while enforcing the state’s mortgage lending regulations. In this module, we will cover the general provisions of the department’s and the board’s structure and supervision.

Module 3: Licensing and The Mortgage Brokers Act

This module will review the important components of the Mortgage Brokers Act, including amendments. In addition, this module will also describe the different license categories, and give a brief overview of the reverse mortgage act, high-cost loans, and consumer home loans.

Module 4: Maintaining Licensure

In this module, we will learn how to maintain a mortgage broker or originator license. This includes license renewal fees, issuance, continuing education requirements, reasons for suspension or revocation, and examination of records.

Module 5: Mortgage Regulations

In this module we’ll cover various mortgage lending and consumer protection regulations. We will also learn record maintenance requirements and the how to keep a mortgage loan log.

Module 6: Enforcement and Prohibited Acts

In this module we’ll review some additional topics relating to the enforcement of mortgage lending rules and prohibited activities.

NMLS ID Required

You must have an NMLS ID to receive credit for this course. You will need this number before you begin the course.

If you already have an NMLS ID, but don't remember what it is:

• Login into NMLS,
• Click on the Composite View tab, then
• Click View Individual on the sub-header row.
• The number that appears in parentheses after your name is your NMLS ID number.

If you do not have an NMLS ID and need to obtain one, use the instructions available in the NMLS Resource Center