8 Hours of 2024 South Carolina DCA MLO Continuing Education

​​​​​​​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 "1 Hour SC-BFI SAFE: South Carolina Mortgage Continuing Education" (NMLS ID 15983).

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.

​​​​​​​This course will instruct mortgage loan originators on a number of regulations that they will have to comply with while taking part in their mortgage loan origination activities. Rules, such as those implemented by the Dodd-Frank Wall Street Reform and Consumer Protection Act, are set in place to protect the interest and well-being of consumers who apply for mortgages to purchase or refinance their properties. To ensure that their business practices satisfy the regulations adopted by federal laws, mortgage loan originators need to keep current on the guidelines published by entities such as the Consumer Financial Protection Bureau (CFPB).

Topics and Learning Objectives

This course consists of four sections and a final exam

1. Top 10 Federal Topics for 2024

2. Ethical Mortgage Advertisement Practices

3. The Fannie Mae HomeStyle® Renovation Loan

4. Final exam

Total study time: 7 credit hours (5 hours, 30 minutes)

Module 1: Top 10 Federal Topics for 2024

Study Time: 3 clock hours (150 minutes of federal law)

air lending along with compliance to the law, established rules, and implemented regulations is everyone’s responsibility. When compliance failures occur, everyone, including the customer, loses.

The topics outlined in this module are mandated by the NMLS and state regulators, covering the more egregious regulatory compliance failures recently discovered through various regulatory examinations, investigations, and audits.

Module 2: Ethical Mortgage Advertisement Practices

Study Time: 2 clock hours (100 minutes of ethics, fraud, and consumer protection)

Most, if not all of the regulations for the mortgage and banking industry are implemented to protect the consumer. That is what this module is about - consumer protection in advertising. Throughout this module, we hope to provide you a better understanding of the laws designed to protect consumers from untruthful mortgage advertising and understanding what you can and cannot do when advertising your loan products. Your proper understanding of these rules is vital when dealing with the public and promoting your services.

Module 3: The Fannie Mae HomeStyle Renovation Loan

Study Time: 2 clock hours (100 minutes of non-traditional mortgage)

In this next section, we will explore property rehabilitation loan products. Over the years, most of us have become familiar with the FHA 203(k) Rehab Loan. It was the loan program that many mortgage loan originators turned to when they needed a rehab loan program for their borrower client.

Today, there are other options available when it comes to rehabilitating a home for purchase and refinance that may more perfectly fit the rehab loan needs of the borrower. This module will introduce you to one such program: the Fannie Mae HomeStyle Rehab loan program. We'll explain the details of this program and compare it to the traditional 203(k) rehab loan.

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