Mississippi Mortgage Loan Originator License

This license is required of any natural person who is an employee of a licensed mortgage broker or mortgage lender assigned to one licensed location, whose conduct of the mortgage business is the responsibility of the company, and whose job responsibilities include direct contact with borrowers during the loan origination process, which may include soliciting, negotiating, acquiring, arranging or making mortgage loans for others, assisting with the preparation of loan applications or other documents, quoting loan rates or terms, or providing required disclosures.

Who is required to have this license? An individual who is an employee of a licensed mortgage broker or mortgage lender assigned to one licensed location, whose conduct of the mortgage business is the responsibility of the company, and whose job responsibilities include direct contact with borrowers during the loan origination process, which may include soliciting, negotiating, acquiring, arranging or making mortgage loans for others, assisting with the preparation of loan applications or other documents, quoting loan rates or terms, or providing required disclosures. Who does not need this license? A person acting in the capacity of a Loan Processor, which includes the performance of certain clerical duties in connection with residential mortgage loan transactions, as defined in Mississippi statute 81-18-3(q), Mississippi Code of 1972, Annotated. Pre-requisites for license applications? • Criminal background check: fingerprints must be submitted via the NMLS system. • The applicant has never been convicted, pled guilty or pled nolo contendere of a felony of an act of fraud, dishonesty, a breach of trust or money laundering. • The applicant has not been convicted, pled guilty or pled nolo contendere of any felony during the seven year period preceding the date of application for licensing. • Education: The individual shall complete at least twenty (20) hours of approved pre-SAFE education through the NMLS system, which shall include at least three (3) hours of federal law, three (3) hours of ethics, two (2) hours of nontraditional mortgage training and four (4) hours of education related to the Mississippi S.A.F.E. Mortgage Act. • Testing: The individual must pass the written SAFE Mortgage Loan Originator Test - National Component with Uniform State Content. • Individual must be sponsored by a Mississippi licensed mortgage broker or lender. If license is applied for and issued prior to October 31 of each year, then the loan originator will be required to renew his/her loan originator license beginning November 1. If the loan originator license is issued between November 1 and December 31, then that loan originator license will not expire until the following December 31 year. *Note: All applicaiton fees are non-refundable.