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| Home » USA » South Carolina » Mortgage License |
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South Carolina Mortgage License |
South Carolina mortgage license is a legal requirement for any individual involved in originating, selling, processing, or lending of home loan products to borrowers and home buyers in the state. The South Carolina Department of Consumer Affairs handles the regulation and licensing process of mortgage brokers and bankers operating in the state of South Carolina. It is essential for the home loan brokers and bankers to fulfill certain preconditions in order to get approval for the state license. Moreover, the applicants are required to have a clear understanding of all the SC mortgage licensing process in order to make an informed approach.
SC Mortgage Broker License
According to the prerequisites set by the Department of Consumer Affairs, applicants for mortgage broker license are required to maintain a physical office within the state of South Carolina. It is essential for the brokers to provide a surety bond in amount of $10,000 however, there is no requirement for minimum net worth. The state has licensing requirements for branch office and loan officers of the mother company. In addition, the applicants are required to have a minimum experience of two years and 8 hours of continuing education in order to get their license approval. The state also charges a licensing fee of $500 and a renewal fee of the same amount to be paid after every two years. |
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South Carolina Mortgage Banker Licensing Requirements
Unlike brokers, mortgage bankers in South Carolina are not required to hold any physical office inside the state. The applicants are also required to pay an initial licensing fee in amount of $750. Licensed bankers are also required to get their license renewed by paying a renewal fee of $150. Moreover, the applicants are required to complete 8 hours of continuing education in order to get their mortgage license approval.
On the other hand, applicants for loan originator license are required to be above the age of 18 and have a minimum experience of six months in the field of mortgage lending business. Applicants can also get some assistance from mortgage licensing companies who offer pre-licensing educations and training programs that are quite beneficial for the home loan brokers and the bankers. Such licensing companies are very easy to find as they are available on the Internet.
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