3 Hour SC-BFI SAFE: South Carolina Mortgage Lending Laws
Mandatory South Carolina state-specific component for BFI mortgage licensee applicants.
All learning is online. Start immediately. Learn on your own schedule.
Read-along audio plays the course text back to you.
Includes PDF/EPUB eBook of all reading material for your tablet or Kindle.
Download and print your own certificate.
This course presents South Carolina law and rule requirements relating to originating mortgage loans securing residential real property located throughout the State of South Carolina. The purpose of this training is to prepare South Carolina Mortgage Loan Originator license candidates with the necessary information to ensure fair, ethical, and compliant mortgage loan origination activities under the South Carolina Board of Financial Institutions (BFI).
+ $4.50 NMLS Credit Banking Fee
|Category:||Vocational Training > Mortgage > License Training > South Carolina > PE Elective|
|Purpose:||Mandatory South Carolina state-specific component for BFI mortgage licensee applicants|
|Features:||Online Text, Online Audio, PDF eBook, Printable Certificate|
14355 SW ALLEN BLVD STE 240,
Portland, OR 97223
NMLS Course Provider ID: 1400327
Purchase of this package requires that you read and acknowledge an Enrollment Agreement before receiving credit for any courses contained in this package. Please review the following:
NMLS Course ID: 13649
NMLS Sponsor ID: 1400327
Credit Hours Provided: 3
Category: PE Elective
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.
This course consists of six modules and a final exam:
Mortgage Lending Definitions (20 minutes)
Agency Structure and Supervision (11 minutes)
Licensing and the Mortgage Brokers Act (21 minutes)
Maintaining Licensure (17 minutes)
Mortgage Regulations (43 minutes)
Enforcement and Prohibited Acts (18 minutes)
Final Exam (20 minutes)
Total study time: 3 credit hours (150 minutes)
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.
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.
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.
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.
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.
In this module we’ll review some additional topics relating to the enforcement of mortgage lending rules and prohibited activities.
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:
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 remain available to students for 365 days after enrollment.
To provide superior distance education that exceeds industry standards and expectations in course content and delivery methods to those who seek to enter a new profession and those engaged in a profession.