What are the education and testing requirements?
Mississippi law does not require testing or initial education to become a registered loan originator.

What is the Mississippi Department of Banking?
The Department of Banking and Consumer Finance, State of Mississippi, is committed to providing quality supervision and regulation to those institutions, persons, firms, corporations, and associations furnishing financial services, as authorized by statute, to the people of Mississippi. The Department also gives cooperative assistance to any individual, institution, industry, or other regulatory agency within the scope of our responsibilities.

Who must be licensed or registered?
Unless exempt, as stated in the law, any person who engages in residential mortgage lending activity in connection with residential real estate located in Mississippi, must obtain a mortgage company license or register as an originator. This includes both first and second mortgage loans on residential property. Commercial mortgages are not regulated at this time.

If I only operate on the Internet, do I need a license?
Yes. The definition of residential mortgage lending activity includes electronic activity, engaged in for compensation, or with the expectation of compensation in connection with a residential loan transaction.

What are originator registration qualifications?
Must be employed by a single Mississippi licensed or registered mortgage company. A loan originator CANNOT work for more than one mortgage company at the same time. There are no initial education requirements to become a registered loan originator. The department shall not issue a registration certificate if it finds that the applicant has been convicted within ten (10) years of the application for registration of a felony or a misdemeanor in which fraud is an essential element, including, but not limited to, forgery, bribery, embezzlement or making a fraudulent or false statement.

How long does it take to process an application ?
The Department will issue or deny a license within 15 days of receipt of a completed application, final verification from the Department of Public Safety and the FBI, and payment of licensing fees.

What are the originator registration costs?
$100 for new originator license and $50 annual renewal.

When do the license and registration expire?
Licenses and exemption certificates expire on September 30 of the year immediately following the year issued or filed. The renewal application and fee are due on or before September 30 to avoid late penalties. Loan originator registrations expire on September 30 of the year immediately following the year issued or filed.

Do I need a college degree to become a mortgage broker?
No. For a mere fraction of the cost of an associate’s or bachelor’s degree, you could be earning a six-figure income as a mortgage pro! For more details on state licensing requirements, click here.

What kind of financial investment does it take to start a career in mortgage lending?
Next to nothing. For under $200, you can be registered and ready to cash in on this lucrative career.

Should I get any additional books on the subject?
Sure, reading as much as you can about succeeding as a new mortgage broker is a wise strategy. ProSchools offers an array of books in our online bookstore.

What are the license renewal and continuing education requirements?
Loan originators are required to renew their registration before September 30 of each year and show proof of 12 hours of continuing education in that period.

For more details on becoming a licensed mortgage lender, click here.