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All licensed mortgage brokers must have a bond for at least $25,000 effective January 1, 2010. Letters of credit will not be acceptable.

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All licensees and new applicants must submit all filings through the Nationwide Mortgage Licensing System and Registry at www.statemortgageregistry.com.
Additional instructions for the NMLS can be found at the NMLS Resource Center at http://mortgage.nationwidelicensingsystem.org.
See the Department's transition plan at http://www.scconsumer.gov/licensing/mortgage_brokers/nmls.pdf.

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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.
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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.  

• 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)
• Mortgage Broker Forms
• 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)
• Referral Fees Prohibited
• 2007 Mortgage Fraud Report
• Click to subscribe to S.C. High Cost & Consumer Home Loan Act Message Board
• Related Links