How can I become a mortgage broker for free?
No, you cannot get a mortgage broker license for free, because licensing carries mandatory, nonrefundable fees. On the individual side, the SAFE MLO Test costs $110, the NMLS individual processing fee is $35, the criminal background check is $36.25, and the credit report is $15, plus a state application fee. Company broker licenses add state fees plus the $120 NMLS company processing fee.
You cannot. South Carolina charges nonrefundable fees for a mortgage broker license: a $550 initial license fee plus a one-time $200 processing fee, in addition to credit report and FBI background check costs, under S.C. Code 40-58-110. A broker must also post a surety bond of at least $25,000 and show 3 years of experience in financial services, though qualifying college coursework can substitute for one year. Applications are submitted through NMLS, and fees collected through NMLS are not refunded.
Sources: S.C. Code Title 40 Ch. 58: Licensing of Mortgage Brokers Act; S.C. Code Title 37 Ch. 22: South Carolina Mortgage Lending Act (lenders/servicers and their MLOs).