Following are the requirements for obtaining a Mississippi State Mortgage Broker License:

• Submit a completed and signed application along with the stipulated application fee and required documents to the department.
• If a mortgage broker wants to make even one loan on Mississippi residential property, then the company must be licensed or qualify for an exemption outlined in the MMCPL.
• The applicants must provide documentation of a minimum of two (2) years' experience directly in mortgage lending by a person (individual, sole proprietor, or partner of partnership) or at least one (1) executive officer of a corporation, Limited Liability Corporation or a trust.
• In lieu of this experience, documentation of passage of an examination covering mortgage lending, which has been approved by the Department of Banking and Consumer Finance, can also be submitted.
• A list of approved continuing education providers can be obtained at List of Approved Continuing Education Providers.
• A surety bond, made payable to the State of Mississippi, in the amount of $25,000 from an insurance company authorized to conduct business in Mississippi must be submitted.
• The location of the mortgage company in the state of Mississippi must comply with the office requirements outlined in Section 81-18-25, MS Code of 1972.
• The Department will issue or deny a license within 15 days of receipt of a completed application, final authentication from the Department of Public Safety and the FBI, and upon payment of licensing fees.
• Mississippi Mortgage Broker Licenses and exemption certificates expire on September 30 of the year immediately following the year issued or filed. The applicants must file the renewal application along with the necessary renewal fee on or before September 30 to avoid late penalties.

Applications and forms for mortgage broker license can be obtained at Mortgage Broker Applications.

For more information, visit Mississippi Department of Banking and Consumer Finance.