South Carolina Mortgage Loan Officer Pre-Licensure
How to Get Started as a
South Carolina Mortgage Loan Officer | Requirements to Become an MLO Through NMLS
We’ve compiled the six steps you’ll need to take to enroll in South Carolina Pre-Licensure Education (PE) and start your new career as a Mortgage Loan Officer (MLO). We’ve also answered some of the most common questions that prospective South Carolina Loan Officers have as they consider this exciting new career.
How to Become a Loan Officer in South Carolina
1. Request an NMLS Account
Before beginning the educational component of licensing, prospective Loan Officers must create an NMLS (Nationwide Multistate Licensing System & Registry) account on the State Mortgage Registry website. NMLS is a national database in which all South Carolina MLOs must register. After creating their account, applicants receive a personal NMLS number that will be maintained for the duration of their time working as a Loan Officer.
2. Complete NMLS-Approved Pre-Licensure Education
In South Carolina, you’re required to complete 20 hours of coursework in order to meet the education requirements. South Carolina has two NMLS agencies that require the same Pre-Licensure coursework.
The South Carolina State Board of Financial Institutions (BFI) and the South Carolina Department of Consumer Affairs (DCA) require:
- 3 hours of Federal Law
- 3 hours of Ethics
- 2 hours of Non-Traditional Mortgage Lending
- 9 hours of General Electives
- 3 hours of South Carolina-specific defined electives
3. Pass the SAFE Mortgage Loan Officer Test
The SAFE MLO Test can be scheduled by visiting the NMLS website. Applicants use their existing account number to schedule the exam. The exam has 115 scored questions, and test takers must answer at least 75% correctly. It costs $110 to take, and students are given 3 hours and 10 minutes to complete the test. You can learn more by reviewing the MLO Testing Handbook.
Did You Know?
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4. Complete State and FBI Criminal Background Checks
South Carolina applicants will need to login into their NMLS account and head to the Filing section. From there, click on the Criminal Background Check tab. You will authorize a Federal Criminal Background Check by completing the fields and clicking Attest.
Then, South Carolina applicants must schedule an appointment to submit their fingerprints. In the portal, users will click on the Composite View button then select Criminal Background Requests. In this module, you can schedule your fingerprinting appointment by clicking the “Fieldprint” button.
The total cost of the state and FBI criminal background check is $36.25.
5. Complete the NMLS Application
Now it’s time to submit for official South Carolina licensure through NMLS. Applicants will apply through the NMLS licensing portal. Applicants are advised to review the MLO New Application checklist beforehand in order to ensure they’re ready to apply.
You’ll need to pay $50 for the South Carolina portion of the licensing fee. Additionally, a credit report must be submitted at the time of application for a fee of $15.
6. Secure Your Employer Sponsorship
Your South Carolina Loan Officer License will remain in pending status until your employing sponsorship is verified with NMLS. This verification is completed inside of the NMLS portal. Users will visit the Form Filing Home screen, then click Company Access. They’re then prompted to add their employer sponsorship by submitting employment details. Once the sponsoring employer receives notice of the verification request, they can approve the sponsorship. Upon approval, applicants are officially licensed.
Summary of South Carolina MLO Fees
$200-$500
Pre-Licensure Education
$36.25
Criminal Background Check
$110
The SAFE MLO Test
$15
Credit Report
$30
NMLS Processing Fee
$50
South Carolina License and Registration Fee
What Else Is There to Know About Becoming a Mortgage Loan Officer in South Carolina?
What is the definition of a Mortgage Loan Officer in the state of South Carolina?
Per the South Carolina Legislature’s Chapter 58:
(24) "Loan Originator" means a natural person who, in exchange for compensation or gain or in the expectation of compensation or gain as an employee of a licensed mortgage lender, solicits, negotiates, accepts, or offers to accept applications for mortgage loans, including electronic applications, or includes direct contact with, or informing mortgage loan applicants of, the rates, terms, disclosures, and other aspects of the mortgage loan.
Note: The titles “Mortgage Loan Officer” and “Mortgage Loan Originator” are often used interchangeably, including in the summary above.
How much do South Carolina Mortgage Loan Officers make?
According to ZipRecruiter, South Carolina Mortgage Officers make approximately $78,000 per year on average as of November 2021. The 75th percentile of earners makes above $93,000, while the bottom 25th makes under $34,000. Top earners can earn more than $188,000 in South Carolina
What is the South Carolina market like for Mortgage Loan Officers?
From historic Charleston to bustling Columbia, home prices in South Carolina are rising like the tide. Just last year, prices in the Palmetto State jumped by an impressive 19.1% with no slowing down in sight. That's great for MLOs looking to make deals happen frequently and at higher price points.
Is South Carolina a good state to work in as a Mortgage Loan Officer?
It pays to be a Mortgage Loan Officer in South Carolina. The median home cost in South Carolina is $241,000. At a commission rate of 1%, that’s a $2,410 payment for the MLO once the loan is secured. Here are the average home payouts in a few South Carolina locations:
Charleston:
Average Home Price: $420,000
Average Commission: $4,200
Columbia:
Average Home Price: $179,000
Average Commission: $1,790
Hilton Head Island:
Average Home Price: $556,000
Average Commission: $5,560
Rock Hill
Average Home Price: $254,000
Average Commission: $2,540
All average home price figures were collected from Zillow.
What are some of the notable South Carolina mortgage loan companies?
If you’re looking to get in contact with mortgage loan companies to ask about the profession, services, or employment opportunities, you can contact any of the following local businesses.
Charleston Mortgage Lender (Charleston)
Columbia Mortgage Corporation (Columbia)
Hanover Mortgage Co. (Greenville)
