Does the state require a physical location within the state?
No. However, if the company does have a Mississippi office, it must meet the requirements outlined in Section 81-18-25, MS Code of 1972, Annotated. (from the Q&A section of the MS Dept. of Banking & Consumer Finance website).

Is there individual loan officer licensing?
Yes. What are lenders, brokers and loan officers called?
The terms mortgage broker, mortgage lender and loan originator are used in Mississippi.

Is there state reciprocity across state lines?
As of this writing there is no pre-licensing state reciprocity.

What is the cost of a license? Surety bond? Are there net worth requirements?
Applicant for a broker or lender license must submit the license application, the "Statement of Principal Officer of Mortgage a Company" and a cashier's check or money order in the amount of $750 made payable to the "Department of Banking and Consumer Finance" for the license application fee. Fingerprint cards for individuals holding 10 percent or higher equity ownership and a resume for the company's designated "Principal Officer" showing a minimum of two years experience in the mortgage company business must also be submitted. Brokers must supply a $25,000 surety bond and lenders a $150,000 surety bond. The license must be renewed on or before December 31 each year with an annual renewal fee of $475 (certified check or money order).

Individual loan originators must submit an initial registration fee of $100. Fingerprinting is also required. The registration is good through December 31. The annual renewal fee is $50. The registration certificate must be posted at the licensed office where the loan originator is assigned.

Is there a pre-licensing education requirement? Is there a test?
An applicant for a loan originator registration must show proof of at least one year of direct experience in mortgage lending within the two years prior to the date of application. If the applicant does not meet the experience requirement, then he or she must complete a minimum of 24 hours of education as approved by the Mississippi Association of Mortgage Brokers, the National Association of Mortgage Brokers, the Mortgage Bankers Association, or the Mortgage Bankers Association of Mississippi to waive the experience requirement. If the experience did not occur within the State of Mississippi, then the department requires the applicant to complete an education course of a minimum of four hours covering the Mississippi Mortgage Consumer Protection Law and to pass an examination.

Is there a CE requirement?
Yes, 12 hours of approved continuing education is required by a licensee's principal officer and all registered loan originators.

Are there different requirements for mortgage brokers and mortgage lenders (i.e. can you broker under a lender license)?
Mississippi issues separate licenses for mortgage lenders and mortgage brokers.

Are there any state specific high cost loan provisions?
No high cost loan restrictions other that federal.

Are there any state specific predatory lending laws?
There are no state specific predatory lending laws.

Closing practices – attorney or title state? Wet or dry settlement?
Mississippi is treated as a wet funding state by practice. There is no penalty for not delivering funds with closing documents, but closing may be delayed if funds are not delivered.

Are there 2nd mortgage policies and/or restrictions? Do you need a separate license to do 2nd mortgages?
The Mississippi Mortgage Consumer Protection Act, which outlines the licensing requirements, covers mortgage loans of any lien position.

Who is the regulator and what is their contact information?
Department of Banking and Consumer Finance
501 N. West Street
P.O. Drawer 23729
Jackson, MS 39225-3729
Phone: 601-359-1031



DISCLAIMER: The data contained here is for informational purposes only. It should not be the sole resource for licensing decisions. Please consult the regulator and/or an attorney that specializes in these matters before taking action.


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