Late CE 1 Hour SC-DCA SAFE: South Carolina Mortgage Continuing Education (14938)

​​​​​​​This course is approved for "Late CE" credit only.

The South Carolina Department of Consumer Affairs (SCDCA) require those who hold a South Carolina mortgage license to completed a one-hour course on South Carolina mortgage laws and regulations as a requirement for annual license renewal. This online course covers the required topics as defined by the SCDCA for license renewal through the NMLS.

This course is approved for South Carolina DCA licensees. If you are licensed with the BFI, please purchase the course titled "LATE CE 1 Hour SC-BFI SAFE: South Carolina Mortgage Continuing Education (14937)" intended for BFI licensees.

Licensees who do not complete their annual mortgage license training may be placed in a Reinstatement Period and are prohibited from practicing mortgage loan origination activities until their licenses are reactivated and their continuing education requirements have been completed. Licensees have until the end of February to bring their licenses up to date. A penalty Reinstatement Fee may apply when renewing your license. A license will expire if it is not renewed during the Reinstatement Period.

Not every state agency allows for reinstatement of a license. Check the Annual Renewal Information page on the NMLS website to verify if the agency you are licensed under allows for reinstatement, when the last date of reinstatement is, and what the applicable penalty fees may be.

• https://mortgage.nationwidelicensingsystem.org/slr/common/renewals/Pages/default.aspx

Topics and Learning Objectives

This course consists of four modules and a final exam:

1. Overview of the BFI and SCDCA (7 minutes)
2. Mortgage Regulations (15 minutes)
3. The Mortgage Broker Act and Mortgage Lending Act (8 minutes)
4. Required Topics (10 minutes)
5. Final exam (10 minutes)

Total study time: 1 credit hour

Module 1: Overview of the BFI and SCDCA

The South Carolina Board of Financial Institutions (BFI) is responsible for licensing and regulations for those authorized in our state 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.

Module 2: Mortgage Regulations

In this module we'll cover various mortgage lending and consumer protection regulations.

Module 3: The Mortgage Broker Act and Mortgage Lending Act

This module will review the important components of the South Carolina Mortgage Broker Act (S.C. Code of Law, Title 40, Chapter 58) and the South Carolina Mortgage Lending Act (S.C. Code of Law, Title 37, Chapter 22). The Mortgage Brokers Act controls the rules for a person wanting to get their mortgage broker license or loan originator license. A person may not broker a mortgage loan in South Carolina without a license.

Module 4: Required Topics

In this section of the course we'll review some additional topics relating to the regulation of mortgage lending in our state.

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.
• 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.