Get Instructions For Submitting Mortgage Company License Registration

Filling out the instructions for submitting a mortgage company license registration can be a complex task. This guide will provide you with a step-by-step approach to help you navigate the process effectively and ensure that you complete each section accurately.

Follow the steps to complete your mortgage company license registration.

1. Click the ‘Get Form’ button to access the mortgage company license registration forms package. This will open the required documents in your preferred editing tool.
2. Begin with the License Application form. Ensure that you fill out every section completely. Any incomplete information will result in the application being returned. Remember to include a cashier’s check or money order for the $300.00 license exemption fee, made payable to the Department of Banking and Consumer Finance.
3. Sign page 2 of the application and obtain notarization to validate your submission.
4. Complete the Contact List form, which should include all contact persons relevant to the license. This list needs to be updated regularly, and any changes should be reported to the Department of Banking and Consumer Finance in writing.
5. Include a copy of the government registration approval from HUD, FNMA, FHLMC, or GNMA. Alternatively, provide a notarized letter that verifies your company's compliance with the definition of a wholesale lender.
6. If applicable, submit a Surety Bond. This bond is required in different amounts based on your lending type, such as $50,000 for Correspondent Lenders and $150,000 for Mortgage Lenders. Utilize the provided form and ensure all signatures are completed.
7. For companies with multiple locations, complete branch applications for each office, paying the initial fee of $100.00 per branch office.
8. If you have loan originators, ensure they each complete the enclosed Loan Originator Application form. An application fee of $100.00 per originator is required along with a fingerprint card for background checks.
9. Finally, attach the most recent audited financial statements of your company.
10. Submit the original completed forms by mailing them to the Department of Banking and Consumer Finance at the address provided, ensuring that faxed copies are not accepted.
11. Upon approval, expect to receive your registration certificate within thirty days, which is required before closing any loans on Mississippi residential property.
12. Make note that the registration certificate expires annually on September 30, and it will need to be renewed along with the Surety Bond, for which the renewal fee is $150.00.

Complete your mortgage company license registration online today!