South Carolina Mortgage Licensing

The most important thing about South Carolina is, for their mortgage lender/servicer license, you must submit your business plan to the state so they can determine which license you are able to apply for before the application process can begin. You may be required to hold both the mortgage broker and the mortgage lender/servicer license depending on what percentage of each activity you are conducting. Additionally, after you receive permission from the state, you will have to submit your surety bond to the state so they can let you know if it’s acceptable to submit. The broker license prohibits you from using more than one trade name, whereas the lender/servicer license lets you have up to six trade names. With both licenses, for each additional trade name, an additional license must be applied for. The QI for both licenses must hold a South Carolina MLO license for the corresponding South Carolina Department.