Following feedback from clients, Docutech is making further changes to the logic determining the address of the agency to receive to borrower complaints in South Carolina, per S.C. Code Ann. § 37-23-70(D), which states:
“At the time of application for a mortgage loan, the mortgage broker, originator, or employee shall provide the borrower with a document specifying the agency designated to receive complaints or inquiries about the origination and making of the loan, with the telephone number and address of the agency. The consumer shall sign a copy of the document acknowledging receipt of this disclosure and the copy must be maintained in the files of the mortgage broker or originator.”
The logic has been modified to print the appropriate address based on field “Lender is a Broker” (18205).
If the entity generating the loan package is a broker, then field 18205 should be set to “Yes”, and the following information will print:
S.C. Department of Consumer Affairs
2221 Devine Street, Suite 200
Columbia, SC 29205
(803) 734-4200
If the entity generating the loan package is the creditor, then field 18205 should be “No”, and the address will print as follows:
S.C. State Board of Financial Institutions
Consumer Finance Division
1205 Pendleton Street, Suite 306
Columbia, SC 29201
(803) 734-2020
The toll free 800 number will remain in either case.
These document changes will take effect on February 14, 2018. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
DR 254333
Update: Since the statute requires the “address of the agency,” we provide the web address for consumer complaints, in addition to the mailing address. We are updating the web address for the S.C. State Board of Financial Institutions, Consumer Finance Division to be: http://www.consumerfinance.sc.gov/complaints/. The web address for the S.C. Department of Consumer Affairs remains the same. This change will be in effect immediately.
DR 290779