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To avoid any new mortgage scams, mortgage lenders and their loan officers will soon have to be licensed in South Carolina. South Carolina is one of only two states in the nation that does not require licenses for mortgage lenders. The South Carolina Mortgage Lending Act, which got key approval in the senate last week, would change that.
"It just gives the state a little bit more ability to monitor the activities of all mortgage lenders so they are able to see abuses and stop abuses early rather than let them on on for some time," said Kevin Breeland, Residential Mortgage of SC.
The Mortgage Lending Act will also address lending disparities between blacks and whites. A national study last year showed the difference between what minorities and whites pay for loans in Charleston is larger than any other metropolitan area in the nation.
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