Current Company Licensees:
Companies holding a Mortgage Broker License with South Carolina DCA have until April 30, 2010 to complete and submit through NMLS Form MU1 for their company and Form MU2 for each of their control persons.
Additionally, for each branch holding a Mortgage Broker License, a company must complete and submit through NMLS Form MU3 by April 30, 2010.
It is important that current licensees have all of their South Carolina DCA license numbers available when completing and submitting their Form MU1 and Form MU3(s).
Any licensee that needs to amend or surrender a license, establish or terminate a sponsorship of a mortgage loan originator license, or other action previously completed in paper form, from January 4, 2010 onward must complete these actions within NMLS. Paper forms will not be accepted after November 30, 2009.
We encourage you to update your information with our office by November 30, 2009, so at the time of transition there will be no pending changes to submit.
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.
Mortgage Loan Originators:
Mortgage Broker Loan Originators should consult with their employer before logging into the NMLS and completing Form MU4.
Licensed Mortgage Broker Loan Originators that are employees of Mortgage Brokers in South Carolina have until April 30, 2010 to complete and submit Form MU4 through the NMLS. Companies employing loan originators are required to Sponsor their license in NMLS. Be advised that the Company MU1, the Branch Location MU3 (when the Loan originator works from a branch) and the Loan originator MU4 must all be submitted prior to the company Sponsoring the loan originators license.
It is important that current licensees have their South Carolina license number available when completing and submitting their Form MU4.
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 Broker Loan Originators can complete and submit Form MU4 themselves or their company can complete Form MU4 and have the loan originator log in to the NMLS and electronically attest to its accuracy.
Mortgage Broker Loan Originators licensed prior to 7/30/09 must meet the additional requirements listed below by December 31, 2010. Mortgage Loan originators licensed after 7/30/09 must meet the additional requirements listed below by July 30, 2010.
Additional requirements will include:
- Pre-licensure education certification
- A Passing Score on both the National and State components of the SAFE Test
- Satisfactory South Carolina and federal criminal background check including finger prints
- South Carolina satisfactory review of a credit report
- License Sponsorship in NMLS by your company
See also License Descriptions and Checklists.