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Mississippi Mortgage Broker License: Step-by-Step Guide

In the state of Mississippi, all mortgage brokers and mortgage lenders are required to obtain a license in the state. The MS Department of Banking and Consumer Finance (DBCF) regulates and issues all mortgage licenses.

The Nationwide Mortgage Licensing System (NMLS) handles the license application process. NMLS allows companies and individuals to apply for or renew a license online.

Types of Mortgage Licenses in Mississippi

There are three major license types in Mississippi: Company, Branch, and Individual. Each license type depends on the work you will be performing. The two most common mortgage licenses are the Mortgage Broker license and Mortgage Lender license.

In this guide, we’ll cover the most common licenses only. You can review the full list on the NMLS website.

Most Common Company Licenses

  • Mortgage Broker License - allows companies and sole proprietorships, who do not close mortgage loans in the company name, to negotiate, solicit, or place mortgage loans.
  • Mortgage Lender License - allows companies and sole proprietorships to service mortgage loans. Licensees can also purchase, make, or fund residential mortgage loans.

Mississippi State Requirements

All license applications must be submitted online through NMLS. Please note that some agency-specific documents must mailed directly to the Department of Banking and Consumer Finance. You may mail your documentation to Mississippi Department of Banking and Consumer Finance, Mortgage Division, P.O. Box 12129, Jackson, Mississippi 39236-2129.

For assistance or questions regarding the license requirements, you may get in touch with the Department at (601) 321-6901 or via email at [email protected].

For NMLS-related questions, please contact NMLS call center at (855) 665-7123.

Education and Exams

In Mississippi, passing an exam is obligatory for some, but not all license types. To obtain a Mortgage Broker or a Mortgage Lender license you are not required to complete a course or pass an exam.

MS Mortgage Broker Bonds

Bonds for Company Licenses

  • Mortgage Broker License - All Mortgage Broker license applicants are required to submit a $25,000 surety bond.
  • Mortgage Lender License - All Mortgage Lender license applicants must furnish a surety bond in the amount of $150,000.

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Licensing Fees

All fees must be submitted via NMLS. The fees are non-refundable and non-transferable.

Fees for Company Licenses

  • Mortgage Broker License
    • $1601 license fee.
    • $36.26 criminal background check fee.
  • Mortgage Lender License
    • $1601 license fee.
    • $36.26 criminal background check fee.

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