Senate Bill 2508 Summary

• Authorizes mortgage loan originators to perform origination activities at remote locations (including residences) under licensee supervision, provided the licensee implements written policies and security safeguards including VPN access, annual certification, and continuous monitoring of information systems.

• Increases licensing fees: mortgage loan originator initial license from $200 to $300; mortgage broker/lender initial application from $1,500 to $2,000; annual renewal for brokers/lenders from $1,000 to $1,500; and annual renewal for originators from $100 to $150.

• Increases surety bond requirements: maximum bond for mortgage brokers from $25,000 to $50,000 and for mortgage lenders from $150,000 to $250,000; initial applicants' bonds increased to $50,000 for brokers and $250,000 for lenders.

• Increases branch office application fees from $300 to $500 and renewal fees from $100 to $350; increases examination fees for licensees from $300-$600 per day (max $2,400) to $400-$800 per day (max $3,200) within Mississippi.

• Adds definitions for "employee," "exclusive agent," "independent contractor," and "remote location" to the Mississippi S.A.F.E. Mortgage Act and clarifies that remote work arrangements do not require branch office licensing.