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1 Hour SC-BFI SAFE: South Carolina Mortgage Laws

This 2018 course meets the BFI state-specific requirement for MLO annual license renewal through the NMLS.

$20.50

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At A Glance:

Price: $20.50 (USD)
+ $1.50 NMLS Credit Banking Fee
Purpose: 1 hour state-specific online continuing education course for South Carolina BFI mortgage loan originators.
Features: online text, printable certificate, PDF eBook
Hours: 1 Hour
Category: Mortgage > Continuing Education > South Carolina > CE Elective
Sponsor /
Delivery:
OnlineEd
7405 SW Beveland Rd,
Portland, OR 97223
(503) 670-9278
mail@onlineed.com

Terms of Service:

1 hour state-specific online continuing education course for South Carolina BFI mortgage loan originators.

NMLS Course ID: 7889

NMLS Sponsor ID: 1400327

View Course Syllabus

The South Carolina Board of Financial Institutions (BFI) and 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 BFI and SCDCA for 2018 license renewal through the NMLS.

The first module is an overview of the two agencies that keep an eye out for unfair lending practices that might harm South Carolina residents while enforcing the state's mortgage lending regulations. The South Carolina Board of Financial Institutions (BFI) and the South Carolina Department of Consumer Affairs (SCDCA).

The second module covers various mortgage lending and consumer protection regulations such as prohibited acts and practices, proper fee disclosures, required forms, and mortgage log requirements.

The third module describes the changes made to South Carolina mortgage regulations and laws from the passage of Senate Bill 366 back in September 2017.

This course is approved for South Carolina BFI licensees. If you are licensed with the DCA, please purchase the course titled "1 Hour SC-DCA SAFE: South Carolina Mortgage Laws" (NMLS ID 7890).

Topics and Learning Objectives

This course consists of three modules and a final exam:

  1. Module 1: Overview of the BFI and SCDCA (8 minutes)
  2. Module 2: Mortgage Regulations (22 minutes)
  3. Module 3: Updates to the Mortgage Broker Act and Mortgage Lending Act (10 minutes)
  4. Final exam (10 minutes)

This course will prepare South Carolina-licensed MLOs to:

  • Outline the divisions of the Board of Financial Institutions and the Department of Consumer Affairs
  • Review both agency's mission statement and purpose
  • Explain when to provide the attorney insurance preference form
  • Identify where licensee NMLS IDs are required on documents
  • Describe how to comply with state regulations when a licensed lender acts as a mortgage broker
  • Explain how to properly disclose fees on mortgage broker fee agreements and the timeline in which the agreement must be provided
  • Recognize the importance of signing forms correctly
  • Review the disclosure requirements that identifies which agency consumers may submit complaints or inquiries to
  • Describe how South Carolina law varies from federal law regarding prohibited activities and the mortgage broker fee agreement
  • Outline the mortgage log requirements
  • Identify the changes made to several key definitions
  • Outline the update to the criminal background check and testing requirements for license applicants
  • Recognize when a residence can be recognized an a branch office
  • Review updated exemptions in mortgage lending laws
  • Describe the change to the physical presence for mortgage brokers

Total study time: 1 clock hours

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.

Our Mission Statement

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.
Purchase of this package requires that you read and acknowledge a Terms of Service agreement before receiving credit for any courses contained in this package. Please review the following: