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Financial Services Law Insights and Observations

South Carolina regulator issues guidance to mortgage brokers

State Issues Covid-19 South Carolina Mortgage Broker Mortgages Broker-Dealer Licensing

State Issues

On April 28, the South Carolina Department of Consumer Affairs issued interim guidance to mortgage brokers on working remotely from unlicensed locations and extended the deadline for submitting the 2019 mortgage log. The department clarified that, until May 31, 2020, licensed mortgage loan originators are permitted to work from home, whether in South Carolina or another state, even if the home is not a licensed branch. The department also reported that it has deferred the filing deadline for the 2019 mortgage log required of mortgage broker companies until June 1, 2020.