Mortgage Lenders/Servicers:
Any company wishing to act as a Mortgage Lender/Servicer in South Carolina has until April 30, 2010 to complete and submit through NMLS Form MU1 for their company, Form MU3 for each branch location, and Form MU2 for each of their control persons.
NOTE: If you have submitted these forms in another state, then you do not need to re-enter your company record into NMLS. You will only need to identify the appropriate license in South Carolina and complete a few state specific fields.
New Mortgage Loan Originator Requirement:
Mortgage Loan Originators should consult with their employer before logging into the NMLS and completing Form MU4.
Mortgage Loan Originators in South Carolina working for a company licensed by the South Carolina State Board of Financial Institutions/Consumer Finance Division have until April 30, 2010 to complete and submit Form MU4 through the NMLS. Companies employing Mortgage Loan Originators are required to Sponsor their license in NMLS. Be advised that the Company MU1, the Branch Location MU3 (when the Mortgage Loan Originator works from a branch) and the Mortgage Loan Originator MU4 must all be submitted prior to the company sponsoring the Mortgage Loan Originators license.
NOTE: If you have submitted a Form MU4 in another state, then you do not need to re-enter your record into NMLS. You will only need to identify the appropriate license in South Carolina and complete a few state specific fields.
Mortgage Loan Originators can complete and submit Form MU4 themselves or their company can complete Form MU4 and have the Mortgage Loan Originator log in to the NMLS and electronically attest to its accuracy.
Mortgage Loan Originators must meet the additional requirements listed below by July 31, 2010.
Additional requirements will include:
- Pre-licensure certification
- A Passing Score on both the National and State components of the SAFE Test
- Satisfactory criminal background check including finger prints
- South Carolina State Board of Financial Institutions/Consumer Finance Division satisfactory review of a credit report
- License Sponsorship in NMLS by your company
License Descriptions and Checklists