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South Carolina Mortgage Broker License Requirements

I just went to a continuing education class in South Carolina and the topic was Mortgage Fraud. The amendments to the MLA: add a definition for loan correspondent”; revise licensing requirements for mortgage lenders also act as a mortgage broker; revise pre-licensing and continuing education requirements to include 3 hours (for pre-licensing education) and 1 hour (for continuing education) on South Carolina law; require that surety bond amounts be based on the total dollar amount of mortgage loans subject to regulation under the MLA (rather than the total dollar amount of mortgage loans originated); remove the de minimus exemption for persons that originate or servicer no more than 5 purchase money mortgages in 1 calendar year; exempts from the MLA persons deemed exempt pursuant to the federal Secure and Fair Enforcement for Mortgage Licensing Act; and permit the State Board of Financial Institutions to license a loan originator's personal residence as a branch office if the residence is more than 75 miles from a commercial branch office.
2017 Act No. 93, Section 11, amended (B)(1) and (C), removing the state criminal background check requirement, authorizing the Nationwide Mortgage Licensing System and Registry to retain fingerprints for certain purposes, and requiring at least three hours of prelicensing education on South Carolina laws and regulations.

She was named South State Bank's No.1 individual producer in Mortgage Sales in 2012 and 2013, and is consistently amongst the top 1% of mortgage bankers at South State earning the confidence and loyalty of countless Lowcountry residents by providing exceptional service.
The contract is called the pooling and servicing agreement.” For securitized loans, this is an important document, and your foreclosure defense attorney can raise defenses if the loan has not been handled in compliance with the pooling and servicing agreement.

For example, if you are on the mortgage but your spouse isn't, you may decide to keep the home, make your mortgage payments, and hope to build equity or at least break even when you decide to sell it. However, if you and your spouse are both on the mortgage, then BOTH of you remain responsible to the mortgage lender even after your divorce.
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Yes, but not if the lender uses a nonjudicial foreclosure process and the mortgage was a purchase money mortgage or for certain loans that are nontraditional (for example, pick-a-payment or option ARM loans) or is a rate spread loan (where the annual percentage rate exceeds a certain threshold) and the mortgage secures the borrower's principal residence.

Lucey Mortgage Corporation was founded with the goal of providing a better home-buying experience for the residents of South Carolina's coastal communities. The mortgage rate is only part of what determines south carolina mortgage lender servicer annual report what you'll pay for a home loan. For the best South Carolina mortgage rates, contact us today and our loan experts will give you a fast and effective South Carolina mortgage rate quote.
Mortgage rebate is a certain percentage of the mortgage that goes to the borrower, or mortgage lenders. Former and current military members have access to government-backed loans without a down payment, so it's typically the best option for those who qualify.

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