Mortgage Loan Originators

Mortgage Loan Originators Loan originators are required to be licensed per Section 81-18-7(4), Mississippi Code of 1972, Annotated, and to follow specific requirements as outlined below: 1. Under Section 81-18-9(8)(g), Mississippi Code of 1972, Annotated, loan originators must be W-2 employees or exclusively engaged to perform loan origination activities for a Mississippi-licensed company. 2. If a loan originator leaves a licensed mortgage broker or lender to be employed or exclusively engaged to work for another licensed mortgage broker or lender, then the loan originator must complete a new initial loan originator application in the Nationwide Multistate Licensing System and Registry (NMLS) system. All licenses issued by the Department are non-transferrable between licensees. 3. Under Section 81-18-14(6), if a loan originator becomes unlicensed at any point prior to completing the annual continuing education requirements for the last year in which the license was held, the loan originator must complete the remaining unmet requirements for that year prior to receiving a new or renewed license. 4. Every licensee shall maintain in paper or electronic format loan originator information for each loan that specifically states the name of each individual who engages in any task related to the loan application process, and the date and licensed location where the task is performed. This information is to be kept as part of each borrower’s loan file or may be kept as part of the required Journal of Mortgage Transactions. At a minimum, the below items are to be notated in the file: a. Taking the Mortgage Loan Application or assisting the borrower in completing the Mortgage Loan Application b. Requesting the credit report. c. Negotiating or offering to negotiate the terms of the residential mortgage loan.