If you’re planning to become a mortgage loan officer, then GREAT.
You’re in for a lucrative and fulfilling career.
But before all that, you must go through the application process.
Now, since each state has its own requirements, it can get a bit confusing.
Don’t fret.
We’re here to give you all the details on how to become a mortgage loan officer (MLO) in Mississippi.
We’ll walk you through all the steps.
Then, we’ll answer some frequently asked questions.
This is YOUR complete 2023 guide.
So let’s begin!
How to Become an MLO in Mississippi – Complete These 5 Steps
- Create an NMLS account and get your ID number
- Complete the MS pre-licensure education requirement
- Pass the SAFE MLO licensing exam
- Associate with an employer
- Apply for your MLO license
Let’s take an in-depth look at these steps.
Step #1: Create an NMLS Account and Get Your ID Number
The NMLS (or Nationwide Mortgage Licensing System) plays a very important role in your MLO license — whether it’s application, examination, renewal, or whatnot.
What’s more, it is the one that will generate your unique ID number —- that you will be using throughout your application and career.
So it makes sense that your first step is to create an account with them.
Step #2: Complete the MS Pre-Licensure Education Requirement
Next up, you need education.
In Mississippi, the pre-licensure education (PE) requirement is 20 hours of PE, PLUS 4 hours of Mississippi-specific laws.
Let’s break this down:
- 3 hours of Federal Law
- 3 hours of Ethics
- 2 hours of Non-Traditional Mortgage Lending
- 12 hours of general electives
- 4 hours of Mississippi S.A.F.E Mortgage Act
If you don’t know where to begin, we’ll suggest the top 4 providers:
For a full list of approved providers, you can check here.
Step #3: Pass the SAFE MLO Licensing Exam
It’s time to take your licensing exam!
Now, the SAFE MLO exam has 120 items, with only 115 graded (the other 5 are test questions).
You’ll be given around 3½ hours to answer everything, including the candidate survey.
To pass, you need a score of at least 75%. That means you have to get at least 86 questions right.
Now, let’s show you how to register and schedule for the SAFE MLO licensing exam:
- On your NMLS account, create a test enrollment window for the SAFE MLO test.
- Accept the candidate agreements.
- Go to the invoice page and pay the $110 exam fee.
- Go back to ‘Manage Test Appointment’ and set your schedule.
Alternatively, you can:
- Go to Prometric to schedule your SAFE MLO exam.
- Choose whether you want to take the exam online or at a facility.
- Read Prometric’s information review.
Step #4: Associate with an Employer
Before you can get your license, you need to already find employment.
This is because you need to have company sponsorship.
So go out and look for a job.
Take your time — but not too much, since your PE and exam passing scores might expire and you’ll have to retake them.
Once you find employment, you can fill out that section of your application…
Step #5: Apply for Your MLO License
Now it’s time to fill out your Individual Form (MU4) application.
Here’s how to do that:
- Log on to your NMLS account.
- Click the Filing tab, then Request New/Update.
- Add your state of residency.
- Select your license type – in this case, the Mortgage Loan Officer or Originator license.
- Fill up the necessary information.
- Go to a new ‘Filing’ tab and authorize a background check and schedule for fingerprinting with Fieldprint.
- Go to a new ‘Filing’ tab and authorize a credit report by turning on the Completeness Check icon AND completing the Identity Verification Process (IDV).
- Provide your sponsorship details and have your employee accept it through NMLS.
- Answer all disclosure questions – you may need to provide supporting orders/documents if you answer ‘yes’ to any question.
- Pay all the fees, including:
- Initial NMLS processing fee – $30
- MS application and license fee – $201
- Background check fee – $36.25
- Credit report fee – $15
- TOTAL: $282.25
NOTE: Click here for a checklist of your application.
And you’re done!
Your MLO license will soon be delivered to you by the Mississippi Department of Banking and Consumer Finance.
That wasn’t so hard, right?
Frequently Asked Questions About MLOs in Mississippi
When Does My MLO License Expire in MS?
In Mississippi, your MLO license will expire on December 31st of every year.
You can start the renewal process on November 1.
IMPORTANT! If your MLO license was issued before October 31, you must renew it before December 31 of the same year.
However, if the license was issued after November 1, you only need to renew it the following year.
What Happens if I Fail the SAFE MLO Test?
If you fail on your first go, don’t worry – you have 2 more tries.
After that, however, you will need to re-apply and repay for another enrollment window. And you can only do that 180 days after your 3rd failed attempt.
How Much Do MLOs Earn in Mississippi?
According to Salary.com, Mississippi MLOs make an average of $41,231 as of March 2023. This range typically falls around $35,112 to $48,295.
Of course, your salary will depend on your employee, workload, experience, bonuses, and whatnot.
Do I Need a Degree to Become a Mortgage Loan Officer in Mississippi?
Not necessarily.
However, many banking institutions prefer to hire MLOs with a Bachelor’s degree. This can be a degree in financing, business, accounting, or any related field.
Again, this isn’t required – but it might help you with your resume.
Are You Ready to Become a Mortgage Loan Officer (MLO) in Mississippi?
Now that you have all the steps listed for you, it’s time to get started!
Yes, the process is very simple — you only need to complete 5 steps.
But don’t take it lightly.
It’s best to put all your focus and effort into each step.
If you do, you’ll soon find yourself an official mortgage loan officer in the state.
GOOD LUCK!