1 Hour SC-BFI SAFE: 2021 Requirements and Prohibitions #12737
This 1-hour course provides a review of South Carolina (SC) requirements for MLO licensing, Mortgage Log requirements, and special provisions when mortgage lenders act as mortgage brokers. The course also covers information on fee disclosures, repercussions of failing to sign required forms, timelines in mortgage lending, and the use of NMLS ID numbers. Differences between state and federal laws regarding prohibited activities and the mortgage broker free agreement are also explained. The course goes into depth on the URLA and state-required disclosures. Prohibited activities, fee collection, advertising requirements, and penalties/enforcement are also discussed.
Please note that the SAFE Act specifically prohibits the taking of the same course in successive years.
Upon completion of this course, you will be able to:
- Recognize key concepts related to South Carolina mortgage loan originator licensing
- Understand the Mortgage Log requirement (S.C. Code Ann. § 37-22-210; S.C. Code Ann. §40-58-65
- Understand how to comply with required provisions of S.C. Code Ann. § 37-22- 140(K) when licensed mortgage lenders act as a mortgage broker
- Understand implications of a borrower’s failure to properly sign application forms
- Know when to provide the attorney insurance preference form to consumers and ascertain the consumer’s preference as required by S.C. Code Ann. § 37-10-102
- Explain how to disclose fees properly on mortgage broker fee agreement and the timeline in which the mortgage broker fee agreement must be provided (S.C. Code Ann. § 40-58-75)
- Identify where the Nationwide Mortgage Licensing System (NMLS) ID numbers are required on documentation as required by S.C. Code Ann. § 37-22-110, et seq. and S.C. Code Ann. § 40-58-10, et seq.
- Describe how state law is different from federal law regarding prohibited activities and mortgage broker fee agreement (S.C. Code Ann. § 40-58-70, 75 & 78; S.C. Code Ann. § 37- 22-190)
- Articulate the requirements associated with the disclosure that identifies the agency designated to receive complaints or inquiries from the consumer (S.C. Code Ann. § 37- 23-70)
Each self-paced, self-study course examines a particular topic, allowing students to hone in on a focused set of learning concepts. Each course is designed with learning objectives, comprehensive course materials, learning reinforcement activities that appeal to various learning styles and real-world examples, with audio and/or video recordings of industry experts.
The final exam is completed online with instant grading, and you can download your industry-recognized certificate of completion after you successfully pass the course. This course will take no less than one hour to complete.
Tuition and Registration
Tuition for this course is $63.00 and includes the Credit Banking and Admin Fee applicable to this course.
Students have until December 31 in the year in which the course is purchased to complete the course.
You may complete the course at any time during this period. However, course providers are afforded seven calendar days to credit the student’s NMLS account following successful completion of the course. It is strongly advised that you complete the course at least one week prior to the December 31 deadline.
NOTE: The SAFE Act specifically prohibits the taking of the same course in successive years.
For more information or to register by phone, call your Regional Account Executive at (800) 848-4904 or visit http://icemortgagetechnology.com/allregs.