Expand Mortgage License Sponsorship for South Carolina Loan Officers


Expand Mortgage License Sponsorship for South Carolina Loan Officers
The Issue
As an aspiring mortgage loan officer residing in South Carolina, I have witnessed first-hand the limitations placed on my profession by the antiquated laws of our state. We live in a time when remote work is the norm, not the exception. Yet, SC alongside with NJ are the last two states that retain outdated requirements, restricting license sponsorship from companies outside a 60 mile radius.
This has not only hindered our ability to adapt to current work trends, but also suppressed opportunities and growth in our industry. As per the US Bureau of Labor Statistics, employment of loan officers is projected to grow 3% from 2019 to 2029, faster than the average for all occupations, with demand increasing for loan officers as more people require mortgages or loans to buy homes, finance major purchases, and lighten indebtedness. However, the potential for local loan officers to contribute to this growth is stifled by the existing archaic state law.
It is a fact universally acknowledged in the 21st century working landscape that the location of a company does not determine the quality of its services or its employees' competency. It's time, therefore, for South Carolina to reflect this in its legislation.
By signing this petition, you support the cause to modernize our work laws, to allow mortgage loan officers in South Carolina to have their licenses sponsored by companies located more than 60 miles from their residence, thus expanding job opportunities and supporting our local economy. Sign this petition, and let South Carolina loan officers compete in a global market.
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The Issue
As an aspiring mortgage loan officer residing in South Carolina, I have witnessed first-hand the limitations placed on my profession by the antiquated laws of our state. We live in a time when remote work is the norm, not the exception. Yet, SC alongside with NJ are the last two states that retain outdated requirements, restricting license sponsorship from companies outside a 60 mile radius.
This has not only hindered our ability to adapt to current work trends, but also suppressed opportunities and growth in our industry. As per the US Bureau of Labor Statistics, employment of loan officers is projected to grow 3% from 2019 to 2029, faster than the average for all occupations, with demand increasing for loan officers as more people require mortgages or loans to buy homes, finance major purchases, and lighten indebtedness. However, the potential for local loan officers to contribute to this growth is stifled by the existing archaic state law.
It is a fact universally acknowledged in the 21st century working landscape that the location of a company does not determine the quality of its services or its employees' competency. It's time, therefore, for South Carolina to reflect this in its legislation.
By signing this petition, you support the cause to modernize our work laws, to allow mortgage loan officers in South Carolina to have their licenses sponsored by companies located more than 60 miles from their residence, thus expanding job opportunities and supporting our local economy. Sign this petition, and let South Carolina loan officers compete in a global market.
39
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Petition created on January 7, 2025

