Mortgage · Mississippi
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Mississippi mortgage FAQs
No. A Mississippi MLO must work for, or be exclusively engaged to perform mortgage loan origination activities for, one Mississippi-licensed company. Sponsorship is non-transferable, and a loan originator who moves to a different licensed broker or lender must complete a new initial application in NMLS.
Yes. Mississippi's 20 hours of prelicensing education must come from an NMLS-approved provider, and approved providers offer courses in online formats. The same flexibility applies to continuing education, which the state allows by classroom, online, or any other NMLS-approved means.
Yes. All mortgage licensing in Mississippi is handled through NMLS, so you submit the mortgage broker company license application online. The initial license fee is $2,000, and an initial applicant must carry a $50,000 surety bond. Supporting items, such as entity documentation and company policies, are uploaded to your NMLS filing.
Yes. Mississippi mortgage loan originators renew their licenses online through NMLS during the annual renewal window from November 1 through December 31. Renewal costs $150 plus a $1.00 EOC fee, and NMLS adds a $35 processing fee per loan originator license. If the renewal request and documents are not received by December 31, the renewal cost rises to $300.
Yes. Mississippi prelicensing education must come from providers approved by the Nationwide Multistate Licensing System (NMLS), and approved courses are offered in classroom and online formats. The required 20 hours, which include 4 hours on the Mississippi S.A.F.E. Mortgage Act, can be completed online.
It depends on the work arrangement. An employee loan processor or underwriter who performs only clerical or support duties is exempt from MLO licensure. A loan processor or underwriter who is an independent contractor must obtain and maintain a mortgage loan originator license.
Yes. Mississippi law prohibits engaging in the business of a mortgage loan originator with respect to any dwelling located in Mississippi without a Mississippi license, regardless of where the company or individual is based. Licensing runs state by state, but NMLS provides the single online system through which licenses in multiple states are requested and maintained.
It depends on how the processor works. A loan processor or underwriter who is an employee and performs only clerical or support duties does not need an MLO license. A loan processor or underwriter who works as an independent contractor must obtain and maintain a mortgage loan originator license in Mississippi.
Mississippi has no certification requirement for loan processors. An employee processor who performs only clerical or support duties is exempt from mortgage loan originator licensure, but a loan processor or underwriter working as an independent contractor must obtain and maintain an MLO license.
Yes. A Mississippi MLO license must be sponsored by a Mississippi-licensed mortgage broker or lender, and the loan originator must be assigned to a licensed location identified by the sponsoring company. The company submits the sponsorship request through NMLS, and the state regulator must approve it. Sponsorship is non-transferable.