RENEWAL UPDATE Originator Renewals begins on January 1, 2009 The renewal fee is $50, if received prior to March 31, 2009.  Renewals received after March 31, 2009 will need to include a $25 late fee. All originators must complete 8 hours of continuing professional education (CPE) prior to March 31, 2009 to renew. How to renew: 1) Submit a Supplemental Form MU4, and mail with a check/money order for $50, along with a copy of the CPE certificate, or 2) Companies may submit a list of originators to be renewed,according to location, and submit with a check for the total combined renewal fee.

Brokers not staffing their offices as required by statute is still one of the biggest compliance issues. The statute requires that a licensee (licensed originator) must staff a brokers main and branch locations at least 30 hours a week during normal business hours. However, our investigators are finding that approximately 50 percent of the attempted compliance reviews cannot be accomplished because the offices are not staffed. The department has identified this as a concern in every regulatory compliance seminar for the past several years. Additionally, we have included a warning in our renewal instructions every year.

The Mortgage Broker Act requires that all businesses offering mortgage broker services in the State file with the S.C. Department of Consumer Affairs. The current Initial Filing Fee is $750.  Renewal Fee is $550.   Each Satellite Office fee is $150.

• Statute - S.C. Code Ann. §§40-58-10 - 40-58-110
• Originator Licensing Statute
• Regulation
• FAQ's
• Compliance Review Report 
• Continuing Professional Education
• Disciplinary Actions (Includes Hearings, Suspensions and Revocations)
• Administrative Law Court - (803) 734-0550
• Fee Work Sheet for Determining High Cost Loan (PDF)
• High Cost Loan Checklist (PDF)
• Mortgage Broker Advertising Standards and Guidelines (PDF)
• Family Privacy Protection Act
• Gramm-Leach-Bliley Act
• Review and Advisory Board
• Mortgage Broker/Originator Licenses (PDF)
• Mortgage Broker/Originator Licenses with Fax Numbers (Excel)
• Forms and Instructions for Initial and Renewal Applications
• Referral Fees Prohibited
• 2007 Mortgage Fraud Report
• Click to subscribe to S.C. High Cost & Consumer Home Loan Act Message Board
• Related Links