HB 993 Summary

• Authorizes mortgage loan originators to perform origination activities at remote locations (including residences) under licensee supervision, provided the licensee maintains written policies, security protocols, and prohibits in-person customer interactions at remote locations.

• Increases licensing fees: mortgage loan originator initial license from $200 to $300; mortgage broker/lender initial application from $1,500 to $2,000; and annual renewal fees for brokers/lenders from $1,000 to $1,500.

• Increases surety bond requirements: maximum bonds for mortgage brokers increase from $25,000 to $50,000 and for mortgage lenders from $150,000 to $250,000.

• Adds definitions for "employee," "exclusive agent," "independent contractor," and "remote location" to Mississippi's S.A.F.E. Mortgage Act licensing framework.

• Increases examination fees charged by the commissioner and branch office application/renewal fees; effective date July 1, 2025.