Mississippi Mortgage Brokers are required to apply for a license through the National Mortgage Licensing System (NMLS) and to obtain a Mississippi Mortgage Broker Bond in the amount of $25,000 as a condition of licensure.
Applicants are required to do the following:
Complete the application and pay the FBI Criminal Background Check, license, and NMLS processing fee.
Applicants, directors, officers, and qualifying individuals must be able to pass a criminal background check.
If any questions are answered "yes" on the disclosure statements, provide an explanation for each.
A $25,000 surety bond is required for licensure. Branch locations require an additional $25,000 bond. Bonds will be directly uploaded in the NMLS ESB system.
Mortgage brokers must employ at least one loan originator at a licensed location for the company.
Provide an organizational chart, proof of commercial zoning, a copy of the company policies and procedures, and a business plan.
If a corporation, limited liability company, or partnership, provide copies of formation documents and a Certificate of Good Standing.
The premium that you pay for a Mississippi Mortgage Broker Bond is dependent on credit.
Our Surety Bond Specialists are ready to assist you with your bonding needs.
Hours: 8:00-5:00 CST, Monday through Friday