4 Hour MS SAFE: Mississippi Mortgage Lending Laws

This course is designed to prepare candidates to take the exam to become a state-licensed mortgage loan originator in Mississippi under the Mississippi Department of Banking and Consumer Finance (DBCF). This 4-hour course covers Mississippi specific rules and regulations, and is required as part of the 20 hours of prelicensure education needed to become a Mississippi mortgage loan originator.

Topics and Learning Objectives

This course consists of four modules and a final exam:

• The Department of Banking and Consumer Finance (15 minutes)
• Requirements for Licensure (60 minutes)
• Licensee Responsibilities (50 minutes)
• Enforcement, Discipline, and Prohibitions (55 minutes)
• Final exam (20 minutes)

Total study time: 4 credit hours (200 minutes)

Module 1: The Department of Banking and Consumer Finance

At the forefront of Mississippi consumer protection stands the Mississippi Department of Banking and Consumer Finance (DBCF). The department is responsible for managing the licensing and supervision of mortgage lenders, mortgage servicers, mortgage brokers, and mortgage loan originators. In this module, we'll introduce you to the DBCF and its Mortgage Division.

Module 2: Requirements for Licensure

In this module we'll introduce you to the steps for obtaining a mortgage loan originators in Mississippi. An MLO license can only be grated to a natural person (i.e., an individual) who completes the necessary requirements for being authorized by the Department of Banking and Consumer Finance to participate in residential mortgage origination activities with the expectation of compensation. MLOs work with clients to locate a mortgage product that best fits within the clients' financial means.

Module 3: Licensee Responsibilities

Licensee responsibilities include submitting to DBCF examinations, submitting reports and notifications to the NMLS and DBCF, meeting requirements for a principal place of business and branch offices, maintaining a surety bond, maintaining mortgage transaction records, borrower and servicer files, managing escrow accounts, following advertising rules, and handling lock-in fees appropriately.

Module 4: Enforcement, Discipline, and Prohibitions

Mississippi Code affords certain enforcement and disciplinary authority to the DBCF and its Commissioner in furthering its mission to protect consumers from harm caused by unscrupulous individuals and entities desiring to take advantage of and improperly profit from them. In this module, we will examine what enforcement and disciplinary authority is wielded by the DBCF, and which actions are prohibited or required of a licensee seeking to avoid disciplinary actions.

NMLS ID Required

You must have an NMLS ID to receive credit for this course. You will need this number before you begin the course.

If you already have an NMLS ID, but don't remember what it is:

• Login into NMLS,
• Click on the Composite View tab, then
• Click View Individual on the sub-header row.
• The number that appears in parentheses after your name is your NMLS ID number.

If you do not have an NMLS ID and need to obtain one, use the instructions available in the NMLS Resource Center