Who must mortgage bankers not have an office in South Carolina to obtain a license?

A mortgage banker in South Carolina can obtain a license without maintaining a physical office in the state. This regulation is set by the Board of Financial Institutions. The Board is responsible for overseeing the licensing of mortgage entities, including ensuring compliance with state laws and regulations.

The reason the Board allows certain mortgage bankers to operate without a physical office in South Carolina could be attributed to the nature of modern mortgage banking, which increasingly relies on digital services and remote operations. This provision helps to support flexibility in the business operations of those who may service clients across state lines while still adhering to their legal responsibilities.

The other groups mentioned, such as consumers, the Department of Consumer Affairs, and real estate brokers, do not play a role in the licensing process regarding the office location requirement. Therefore, while they may engage with mortgage bankers in various capacities, their presence or lack thereof does not influence the licensing prerequisites established by the Board.