South Carolina loan originators will now have to complete 20 hours of prelicense education and pass the SAFE exam to be licensed. The exams will consist of a National component and a separate South Carolina component. The deadline for current and new licensees to meet the new SAFE requirements depends on when you were licensed.
 
•Loan Originators registered prior to July 31, 2009 must complete the 20 hours of state or NMLS-approved education and pass the exam by December 31, 2010.
•Loan Originators who apply on or after July 31, 2009 must complete 20 hours of state or NMLS-approved education and pass the exams by July 30, 2010.
•Loan Originators who apply on or after July 31, 2010 applicants must complete 20 hours of NMLS-approved education and pass the exams prior to being licensed.

The good news is that loan originators who have done continuing education will likely be “certified” as having fulfilled the education requirements by the South Carolina Department of Consumer Affairs, as long as they demonstrate they have completed 20 hours of approved education.

Loan originators must do 8 hours of CE by March 31, 2010 to renew and transition to the NMLS so if you have less than 20 hours so far it is highly recommended you take the remaining hours. State-approved education, like ProSchools’ continuing education courses, will be accepted if completed by March 31, 2010. As of April 1, 2010, only NMLS-approved education will be accepted. ProSchools, a NMLS-approved provider, has several NMLS-approved courses including the 20 Hour SAFE Comprehensive course.

This entry was posted on Wednesday, October 28th, 2009 at 1:57 pm and is filed under Education Requirements, Mortgage Licensing, NMLS, NMLSR, SAFE Act. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.