The state of South Carolina has two agencies:
South Carolina Board of Financial Institutions
Regulates Mortgage Lender/Servicers and Mortgage Loan Originators.
South Carolina Department of Consumer Affairs
Regulates Mortgage Brokers (includes tablefunding and loan correspondent) and Mortgage Broker Loan Originators.
In order to determine the correct licensing jurisdiction (SC-DCA or SC-BFI), prospective applicants should email a business plan to email@example.com that details the company’s operations in South Carolina. The business plan should include:
· underwriting procedures
· approval procedures
· funding procedures
· warehouse line of credit restrictions
· loan servicing.
THIS SHOULD BE DONE PRIOR TO SUBMITTING AN APPLICATION IN NMLS.