Rule 5-2-1.2 - Loan OriginatorsLoan originators are required to be licensed per Section 81-18-7(4), Mississippi Code of 1972, Annotated, and to follow specific requirements outlined in this section.
1. Loan originators must be W-2 employees of the licensee. . If a loan originator leaves a licensed mortgage broker or lender to be licensed with another licensed mortgage broker or lender, then the initial loan originator application must be fully completed in the Nationwide Mortgage Licensing System and Registry (NMLS) system. All licenses issued by the Department are non-transferrable.
3. The licensed mortgage broker or mortgage lender shall maintain loan originator information for each loan in a handwritten or computer generated format that specifically states the names of the individual(s) that conduct all aspects of the loan application process, the date that such activity is conducted and the licensed location where the tasks are performed. This information is to be kept as part of each borrower's loan file or may be kept as part of the required Journal of Mortgage Transactions. At a minimum, the below items are to be notated in the required information:a. Taking the Mortgage Loan Application or assisting the borrower in completing the Mortgage Loan Applicationb. Requesting the credit report.c. Negotiating or offering to negotiate the terms of the residential mortgage loan.Miss. Code Ann. § 81-18-7(4); Effective date August 30, 2013