|
South Carolina Mortgage Education Includes SAFE Loan Originator Test Prep
ProSchools' online instructor-led training is NMLS-approved. Courses contain easy-to-understand lessons, lots of
practice exams, easy access to your instructor, and flexible online learning allowing you to move through the course
quickly. Plus, you study when and where you want. Exchange ideas via discussion forums, blogs, and instructor
assignments. An optimal learning experience for busy South Carolina Loan Originators! Prepare for your SAFE Loan Originator
exam while completing your NMLS course.
Choose the training session that best meets your schedule. Course sessions start and end weekly. If you need
longer to complete your course, call our helpful NMLS Account Specialists to discuss transferring to the next
available session. At the end of your session, upon course completion, ProSchools "banks" your completion
record to the NMLS. There is a $1.50 per hour mandatory NMLS-Banking fee that will be added at checkout.
 
What do ProSchools' NMLS-Approved Courses Include
- Courses are online and instructor-led
- Easy-to-read and printable lessons
- Multi-media chapter reviews
- Instructor assignments
- Knowledge building exercises
- Hundreds of online exam questions with explanations and score tracking (this prepares you for the SAFE Mortgage Loan Originator Tests)
- Helpful resources including a student discussion forum, instructor blog, and useful links to NMLS information and testing resources
- Easy access to your instructor via "live chat" office hours, email, or phone
South Carolina Mortgage Loan Originator Requirements
The SAFE Act requires loan originators to be licensed. The minimum requirements under the SAFE Act are:
- Complete 20 hours of approved prelicense education. Licensees who have completed a minimum of 20 hours of state-approved continuing education may be able to have their hours certified. State-approved education will be accepted if completed by March 31, 2010. As of April 1, 2010, only NMLS-approved education is accepted.
- All licensees must submit fingerprints through NMLS for a criminal background check.
- All licensees will be required to authorize a credit report through NMLS between October 2010 and March 1, 2011.
- Pass the SAFE Mortgage Loan Originator Test. The SAFE Mortgage Loan Originator test is two exams, a national exam and a state exam, which may be taken separately.
- Register with the Nationwide Mortgage Licensing Registry (NMLS).
To permit an orderly transition to the new South Carolina loan originator licensing requirements, the deadlines to complete the education and pass the national and South Carolina components of the SAFE Mortgage Loan Originator Tests are:
Licensees under the Board of Financial Institutions Must:
- Complete the education and pass the National and South Carolina components of the SAFE MLO Test by July 30, 2010.
Licensees under the Department of Consumer Affairs Must:
- 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 must complete 20 hours of NMLS-approved education and pass the exams prior to being licensed.
* Licensees who have completed a minimum of 20 hours of state-approved continuing education may be able to have their hours certified. State-approved education will be accepted if completed by March 31, 2010. As of April 1, 2010, only NMLS-approved education is accepted.
SAFE Mortgage Loan Originator Test Information
The SAFE Mortgage Loan Originator Test consists of two separate exams called "components":
- National component (100 questions with 90 scored and 10 unscored): The exam will cover: 1) Federal mortgage-related laws (35%); 2) General mortgage knowledge (25%); 3) Mortgage loan origination activities (25%); 4) Ethics (15%)
- South Carolina State Component (60 questions with 50 scored and 10 unscored): The exam will cover: 1) South Carolina Department of Consumer Affairs/South Carolina State Board of Financial Institutions (5%); 2) South Carolina law and regulation definitions (15%); 3) South Carolina license law and regulation (25%); Compliance (45%); Disciplinary action (10%)
To schedule and take an exam you must:
- Create an account in NMLS. Anyone seeking a license must have or create an account in NMLS prior to enrolling.
- Enroll in the National and/or State-specific test. The fees for the exam will be paid at the time of enrollment through the NMLS.
- Study for the exam. Note: You are not required to complete your prelicense education prior to taking the exam!
- Schedule your exam through either Prometric or Pearson VUE. The test is administered at nearly 500 locations nationwide.
- Arrive at the test center 30 minutes prior to your appointment with current government-issued ID that contains a photo and signature.
|
This NMLS-approved 21-day course fulfills the 20 hours of prelicense education required under the SAFE Act. ProSchools' 21-day session is our most popular option. A new session begins every Tuesday and allows you a full 21 days to complete your coursework. A list of available sessions appears when you click Buy Now. Course includes all mandatory hours for federal law, ethics, and non-traditional mortgage products. Plus, when you purchase the NMLS-approved course a separate test prep tool to help you pass the South Carolina Component of the SAFE MLO Test is added for no charge. A $30 mandatory NMLS-Banking fee will be added at checkout, the fee covers NMLS administration of your records.