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Mississippi Mortgage License |
Mississippi mortgage license empowers the home loan lenders, brokers and bankers to operate anywhere in the state of Mississippi. Those individual involved in selling or processing of home loan products are required to have the real estate license authorized by the licensing department. The real estate industry is prospering in Mississippi and entering the mortgage business seems to be a profitable career. So, if you are thinking to become a home loan broker or a loan officer then it is very important for you to have a clear understanding of all the MS mortgage licensing process in order to make an informed approach.
Mississippi Mortgage Broker License
The Mortgage Lending Division of the Mississippi Department of Banking and Consumer Finance handles all the regulation and licensing process of the home loan brokers in the state. As per the licensing department, applicants seeking broker license are not required to hold any physical office inside the state. However, they are required to register with The Secretary of State. It is essential for the applicants to have either a minimum experience of 2 years in home loan lending business or pass an exam covering mortgage lending training approved by the Department of Banking and Consumer Finance. The applicants are also required to maintain a minimum surety bond of $25,000. Moreover, any owner of the company having at least a 25% stake must submit a fingerprint card and undergo a criminal background check.
Mississippi Mortgage Banker Licensing Requirements
Applicants for mortgage banker license does not require to maintain a physical office within the state of Mississippi. But, they should provide a minimum surety bond in amount of $150,000 in order to get approval for the banker license. Like mortgage broker licensing, applicants for banker license are required to have a minimum 2 year experience or either pass a state exam. Moreover, there are licensing requirement for the branch office of the mother company.
Mortgage Licensing Fees
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All the applicants for home loan broker and banker license are required to pay the state initial licensing fee of $750. In case of loan originators, they are required to pay a licensing fee of $100. It is also essential for the branch office to submit a licensing fee of $100.
Today, there are many real estate schools and mortgage licensing companies who provide several training programs and education courses for the applicants. Moreover, they provide pre-licensing courses and continuing education that enable the applicants to get approval for their mortgage license.
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