Effective July 1, 2007, there have been many positive changes made to the Mississippi Mortgage Consumer Protection Law (MMCPL). Here is one of the new changes:
Did you know that Mississippi now has pre-licensure requirements for loan originators?
Here's the breakdown - please note, the information listed below is not verbatim:
- Initial applicants must document at least (1) year of experience directly in mortgage lending within (2) years prior to the date of application. If the person does not possess this experience, he/she will be required to complete a minimum of 24-hours of approved course material and pass a written test. Also, if the above listed experience did not occur within Mississippi, then person will be required to complete (4) hours of approved course material on the Mississippi Mortgage Consumer Protection Law.
- Renewals of Broker or Lender Licenses and Loan Originator Registrations must complete (12) hours of approved coursework with (2) of the (12) hours regarding the Mississippi Mortgage Consumer Protection Law.
For more information go to: http://www.dbcf.state.ms.us/documents/mortgage/sb2350.pdf