Document Updates: Cx4694 SC Agency To Receive Borrower Complaints

SC Code 37-23-70(D) says:

(D) 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.

We provide this agency information on our copy of the South Carolina Borrower Complaints disclosure (Cx4694). After receiving some questions, we have contacted the South Carolina Board of Financial Institutions, and they have given us guidance regarding the agency address/phone information to print as follows:

Address:             South Carolina State Board of Financial Institutions

                     Consumer Finance Division

                     1205 Pendleton Street, Suite 306

                     Columbia, South Carolina 29201

Phone:                 803-734-2020

Website:             consumerfinance.sc.gov

Consequently, we have updated our Cx4694 to match the guidance from the South Carolina Board of Financial Institutions. This contact information will print when “Lender is a Broker” (FI 18205 ) is set to ‘No’.

This change will take effect immediately. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.

COM-5774
DR-172631

The preceding is for informational purposes only and is not and may not be construed as legal advice. No third-party entity may rely upon anything contained herein when making legal and/or other determinations regarding its practices, and such third-party should consult with an attorney prior to embarking upon any specific course of action.