Mississippi Origination Reference Guide
- Kacey Olson
Owned by Kacey Olson
| Citation | Topic | Requirement |
| S.A.F.E. Mortgage Act / Miss. Code Ann. §81-18-27(1) | Commitment Letter (Construction Loan) | A fee of 1% of the principal amount is authorized for construction loans if a binding commitment has been obtained for the prospective borrower. |
| Miss. Code Ann. §75-17-27 | Late Fees | A late payment charge, not exceeding $5.00 or 4% of the amount of any delinquency, whichever is greater, if contracted for in writing, will not be considered a finance charge, but no such charge may be made unless such delinquency is more than 15 days past due. |
| Reverse Mortgage Loans / Miss. Code Ann. §81-18-33(a) | Mortgage Origination Agreement | A mortgage origination agreement provided to the borrower containing at least the following statements: (i) "As required by Mississippi Law, (licensed company name) has secured a bond issued by (name of insurance company), a surety company authorized to do business in this state. A certified copy of this bond is filed with the Mississippi Commissioner of Banking and Consumer Finance."; (ii) "As a borrower you are protected under the Mississippi S.A.F.E. Mortgage Act."; and (iii) "Complaints against a licensee may be made by contacting the: Mississippi Department of Banking and Consumer Finance P.O. Drawer 12129 Jackson, MS 39236-2129”. |
| S.A.F.E. Mortgage Act / Miss. Code Ann. §81-18-31 | NMLS Unique Identifier | The NMLS unique identifier of any person originating a residential mortgage loan must be clearly shown on all residential mortgage loan application forms, solicitations or advertisements, including business cards or web sites, and on any other documents as established by the Department. |
| S.A.F.E. Mortgage Act / Miss. Code Ann. §81-18-28 | Rate Lock Fees & Agreement | A licensed mortgage broker or mortgage lender may enter into lock-in agreements and collect a lock-in fee from a borrower on the lender's behalf. The lock-in fee shall not exceed the following: (a )No fee may be collected to lock in for sixty (60) days or less; (b) 1% of the principal amount of the loan to lock in for more than 60 days, but not to exceed 180 days; (c) 1- 1/2% of the principal amount of the loan to lock in for more than 180 days, but not to exceed 270 days; or (d) 2% of the principal amount of the loan to lock in for more than 270 days. |
| S.A.F.E. Mortgage Act / Miss. Code Ann. §81-18-28 | Rate Lock Fees & Agreement | A lock-in fee may be collected by a broker only on behalf of a lender. The mortgage broker may not charge or collect a lock-in fee that is not on behalf of a named lender. If a broker collects the fee on a lender's behalf and the fee is made payable to the broker, then the fee must be placed in the broker's escrow account until the fee is transferred to the lender. |
| S.A.F.E. Mortgage Act / MSMLA Regulations §98-3(11) | Right to Choose Insurance Provider | If a lender or affiliate offers insurance, a financial institution shall prominently disclose in writing, in clear and concise language, to customers, including in any advertisement or promotional material, and orally during any customer contact, that the insurance product offered, recommended, sponsored, or sold: (1) Is not a deposit; (2) Is not insured by the FDIC, or in the case of a credit union, by the National Credit Union Share Insurance Fund; (3) Is not guaranteed by the insured financial institution or an affiliated insured depository institution; and (4) Where appropriate, involves investment risk, including potential loss of principal. Any financial institution that requires a customer to obtain insurance in connection with a loan or other extension of credit and that offers insurance either directly or through an affiliate shall clearly disclose to the customer their choice of insurance provider will not affect the decision of the financial institution in extending credit to the customer. Any person required to provide this disclosure to a customer shall obtain a written acknowledgement of receipt by the customer of such disclosures, including the date of receipt and the customer's name and address, prior to or at the time of the execution of any application for insurance sold by the person. Such acknowledgement shall be in a separately executed document or in a separately signed section of the application for insurance. The acknowledgement required by this paragraph shall not be required if an executed application for insurance or other document by which the customer applies for insurance is not submitted in writing or is not executed by the customer. |