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SOUTH
CAROLINA DEPARTMENT OF
CONSUMER AFFAIRS
3600
Forest Drive, 3rd Floor
P.O. Box 5757
Columbia, SC 29250
(803) 734-4200 or (800) 922-1594 (toll free in S.C.)
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MORTGAGE
BROKERS |
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Federal Reserve System
Credit Card Calculator
Identity
Theft
FIFITPA
Click
to report mortgage fraud
or
call
1-800-553-7723


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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.
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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.
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