South Carolina BFI Mortgage License Requirements
Application Requirements to become licensed in South Carolina - BFI:
| Description | Requirement |
|---|---|
| Temporary Authority to Operate Eligible | Yes |
| Application Fee | $50.00 |
| License Registration Fee | $0.00 |
| NMLS Processing Fee | $35.00 |
| Sponsorship Fee* | $25.00 |
| Credit Report Required | $15.00 |
| Criminal Background Check Required | $36.25 |
| Testing Required | Yes, passing score of 75% or higher |
| SAFE MLO Test Cost | $110.00 |
| Work Remote Allowed | No |
*Note: A sponsorship request must be submitted by an approved Mortgage Lender/Servicer before the license will be approved. If the originator is not currently employed by an approved Mortgage Lender/Servicer, the application will not be approved.
South Carolina (BFI) NMLS Pre-Licensing Education Requirements:
New state-licensed MLOs are required to complete 20 hours of NMLS-approved education. This includes:
3 hours of federal law
3 hours of ethics
2 hours of non-traditional mortgage lending training
3 hours of South Carolina-specific law
9 hours of electives
South Carolina (BFI) Continuing Education Requirements:
State-licensed MLOs are required to complete 8 hours of NMLS-approved mortgage education annually beginning the year they are licensed (unless PE was completed in the same year). This includes:
3 hours of federal law
2 hours of ethics
2 hours of non-traditional mortgage lending
1 hour of South Carolina-specific law
MLOs are advised that to comply with the SAFE Act’s “successive years” rule, they may not take the same CE course two years in a row.
South Carolina Consumer Finance Division of the Board of Financial Institutions Contact Info:
Email: license@bofi.sc.gov
Website: consumerfinance.sc.gov
