1. When did South Carolina begin using the NMLS?
The South Carolina Department of Consumer Affairs has started using the CSBS/AARMR Nationwide Mortgage Licensing System (NMLS) on January 1, 2010. NMLS, developed through the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR), will allow your company to conveniently manage its mortgage license(s) in an electronic format through a secure website. The Nationwide Mortgage Licensing System is online at: www.stateregulatoryregistry.org/NMLS
2. When does my company have to create a record in the NMLS?
As a part of the implementation of NMLS, each company holding a mortgage broker license must create a company record (Form MU1) in NMLS for themselves and a record for each branch (Form MU3) holding a mortgage broker branch or satellite location license and electronically submit it to the South Carolina Department of Consumer Affairs between January 1, 2010 and March 31, 2010. NMLS is available immediately for you to begin completing your record.
3. After creating my company record do I still need to go through the renewal process?
Completing and submitting this record through NMLS will take place of the renewal process for loan originators this year. A copy of the South Carolina Department of Consumer Affairs transition plan can be found on the NMLS website at www.stateregulatoryregistry.org/NMLS.
4. How do I access the NMLS?
In order to gain access to NMLS for the first time you must complete a Company Account Request Form and identify a Primary Account Administrator and a Secondary Account Administrator. This form can be submitted electronically through the NMLS website in the "Getting Started" section. This form needs only to be submitted once per company, regardless of the number of NMLS participating states in which you are licensed. IF YOUR COMPANY ALREADY HAS ACCESS TO NMLS, THEN YOU DO NOT NEED TO DO THIS STEP.
Once you complete and submit this form, the Primary Account Administrator will receive NMLS login information withing 3 business days. The Primary Account Administrator for your company will have full rights to (1) access the System, (2) submit information to this Agency and other participating state mortgage regulators, and (3) setup other company users information in the System. Instructions and tutorials on how to access and use the System are also available on the NMLS website.
5. What forms need to be completed?
Once you are able to access the NMLS you will need to submit the following MU Forms through NMLS to South Carolina Department of Consumer Affairs by March 31, 2010.
1. Licensed companies submit a Form MU1.
2. Companies submit for each Control Person (such as executive officer, qualified individual / managing principal and branch manager) a Form MU2, as part of their Form MU1 filing.
3. Companies submit for each Licensed Branch a Form MU3.
4. Companies submit a Form MU4 for all Loan Originators or request mortgage loan originators submit themselves and have the company "sponsor" their license.
You may begin completing these forms prior to January 1, 2010, but will not be able to submit them to the South Carolina Department of Consumer Affairs until that date.
You will receive communication for your Loan Originators outlining the process and time lines for additional requirements which must be met in order to meet SAFE Act requirements for licensure. Loan Originators will receive a license in an "Approved - Conditional" status while requirements are satisfied and approved. Full "Approval" will be issued once all conditional requirements have been met.
6. What are the requirements for Mortgage Loan Originators?
- Pre-licensure certification
- A passing score on a National Mortgage Test
- Satisfactory criminal background check including finger prints
- South Carolina Department of Consumer Affairs satisfactory review of a credit report
- Sponsorship request received by company
If you have submitted these forms in another state, then you do not need to reenter your company, branch, or loan officer records into NMLS. You will only need to identify the appropriate license type in South Carolina and complete a few state specific fields.
7. What costs are associated with the NMLS?
For companies and individuals transitioning an existing license into NMLS, a system processing fee of $100 per company license, $20 per licensed branch location, and $30 per mortgage loan originator license will be required to be paid electronically through NMLS upon submission. The NMLS processing charges are applied on a per license per state basis.
On an ongoing basis, NMLS will annually charge a processing fee of $100 per company license, $20 per licensed branch location, $30 per loan originator license, and $30 each time a mortgage loan originator changes employment.
There are no other NMLS processing fees. These processing fees pay for NMLS's operations, including licensee system access 362 days per year, ability to maintain, renew and run reports on your licenses, and call center support.
The transition to the NMLS coincides with the renewal period for loan originators, therefore loan originators will be required to renew their license as they transition and pay the renewal fee per licensee of $50 in addition to the processing fees above.
8. Is there a training session on using the NMLS?
Yes there is. The South Carolina Department of Consumer Affairs will be participating in a Training Workshop Audio Program & Webinar conducted by the State Regulatory Registry LLC for South Carolina licensees. This webinar will provide licensees and applicants with tips on using NMLS to transition and manage one or more licenses. The fee for this workshop is $75. If you desire to participate in the workshop furnish The South Carolina Department of Consumer Affairs with your e-mail address and you will be notified of the dates.
9. What is the transition plan for the NMLS?
Current Company Licensees:
Companies holding a Mortgage Broker License with South Carolina DCA have until April 30, 2010to 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 afterNovember 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 Carolinahave 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
10. What are the continuing education requirements?
Current licensees, both Mortgage Broker and Loan Originators
All currently approved courses will be valid for renewals. This includes broker renewals beginning on August 1, 2009 through September 30, 2009 and loan originator renewal / transition beginning January 1, 2010 though March 31, 2010.
Continuing Education Providers
All currently approved providers and their approved courses are valid through the renewal / transition cycles ending on March 31, 2010. Course providers must obtain approval through the NMLS beginning on June 22, 2009 for their students requiring continuing education after the Department's transition to the NMLS. No new providers or courses can be approved by the Department pursuant to the federal SAFE Mortgage Licensing Act.
11. How much does the SAFE Mortgage Loan Orignator Test cost and where are the testing centers?
The National Component is $92 and consists of 100 questions to be completed in 3 hours. The State Component is $69 and consists of 55 questions to be completed in 2 hours.
Below are the testing locations in South Carolina:
|Center Name:||Prometric Testing Center|
|Address:||232 Cherry Road|
Rock Hill, SC 29730
|Online:||Click here to make a test appointment online.|
|Center Hours:||Individual center hours vary. For specific information regarding center hours, please contact the local center or the National Call Center at 877-671-6657.|