Senate Bill 2696 Summary

• Revises the definition of "qualifying individual" to require two years' experience directly related to mortgage activities and primary responsibility for licensed broker/lender operations, removing prior requirements for loan originator licensure and geographic residency restrictions.

• Increases initial mortgage broker/lender license fee from $750 to $1,500, annual renewal fee from $475 to $1,000, and mortgage loan originator initial license fee from $100 to $200, with annual renewal fee increased from $50 to $100.

• Increases branch office application and renewal fees from $100 and $25 respectively to $300 and $100, and revises examination fees to $300-$600 per day (up to $2,400 maximum) for in-state locations and $300-$800 per day for out-of-state locations.

• Requires licensees involved in civil actions to notify the Nationwide Mortgage Licensing System and Registry within 60 days with supporting documentation, replacing prior requirement to notify the commissioner in writing.

• Mandates each licensee maintain separate journals at principal place of business for all Mississippi residential loans originated/funded and serviced, including applicant information, loan disposition, delinquencies, loss mitigation activities, and foreclosures commenced.