Which organization regulates mortgage brokers and mortgage loan originators within South Carolina?

The Department of Consumer Affairs is responsible for regulating mortgage brokers and mortgage loan originators in South Carolina. This agency oversees various consumer protection laws and ensures that licensed professionals operate within the legal framework established by the state. It manages the licensing requirements, investigates complaints, and enforces regulations pertaining to mortgage lending practices. This enables the department to protect consumers from unfair practices and ensure that mortgage professionals comply with the necessary standards.

In contrast, the Board of Financial Institutions mainly focuses on the regulation of banks, credit unions, and other financial institutions rather than individual mortgage brokers. The Federal Reserve, while influential in monetary policy and banking regulations at the national level, does not directly regulate mortgage brokers or loan originators in South Carolina specifically. The South Carolina Housing Authority primarily deals with affordable housing and does not oversee mortgage lending practices. Therefore, the Department of Consumer Affairs is correctly identified as the appropriate regulatory body in this context.