Mississippi Mortgage Education
EasyRealEstateSchool.com offers these Mississippi mortgage education courses in conjunction with MortgageEducation.com. All the mortgage education courses are NMLS-approved and will satisfy all the required education hours for your state. Should you have any questions please feel free to contact MortgageEducation.com.
Who is required to have this registration?
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 registration?
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, and may not perform any of the duties of a loan originator as defined in Mississippi statute 81-18-3(p), Mississippi Code of 1972, Annotated.
Pre-requisites for registration applications?
- Criminal background check: A Criminal Background Check is performed on all individuals applying for a Loan Originator License. The individual must submit a completed Fingerprint Card (blue) to the Mississippi Department of Banking and Consumer Finance for the state background check. For the Federal background check, fingerprints must be submitted via the NMLS system.
- 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 pre-SAFE federal education and a written test on the Mississippi S.A.F.E. Mortgage Act via the NMLS system of approved providers.
- Individual must be sponsored by a Mississippi licensed mortgage broker or lender.
For more information about the actual course please visit Mortgage Education Course FAQ’s.
Mississippi State Requirments
SAFE ACT Requirements
- SAFE MLO Test – Existing licensees as of 1/1/2010 must pass the National and State Components of the SAFE MLO Test by 12/31/2010. All new applicants approved on or after 1/1/2010 must pass the National and State Components of the SAFE MLO test prior to their application being approved.
- Criminal Background Check – All licensees must submit fingerprints through NMLS for a criminal background check by 7/31/2010. All licensees must also submit an additional fingerprint card to MS the state background check by 7/31/2010.
- Credit Report – All licensees must authorize a credit report through NMLS by 7/31/2010.
Mississippi Mortgage Education Requirements
- SAFE Act Pre-License (Required courses – SAFE CORE 8 hours) – All new applicants approved on or after 1/1/2010 must have completed 20 hours of NMLS approved pre-licensure education, including 4 hours of MS specific. Existing licensees as of 1/1/2010 must complete 20 hours of NMLS approved pre-licensure education, including 4 hours of MS specific, by 12/31/2010, unless the licensee has completed at least 20 hours of state approved education prior to 12/31/2009. State approved courses will no longer be accepted after 12/31/2009.
- SAFE Act Continuing Education (Required courses – SAFE CORE 7 hours) – All licensees must take 8 hours of NMLS approved continuing education in 2010 in order to renew for 2011. This course should be taken Yearly by 12/31.
- Certification (Education) – Existing licensed MLOs who have completed at least 20 hours of MS state approved education on or before 1/1/2010 may be eligible to participate in the PE (pre-licensure education) certification process and may not need to take the NMLS approved pre-licensure education. Refer to MS for more information
For more information about the actual course please visit Mortgage Education Course FAQ’s.