If you’re a wholesale lender and doing business in Mississippi, you may want to pay attention. Up until now you were able to do business under a registration, but Mississippi just changed the law. Effective July 1, 2007, Mississippi ammended the Mortgage Consumer Protection Law, which regulates Mortgage Companies. The ammendment eliminates the licensing exemption for registered wholesale lenders. Wholesale lenders are now required to be licensed as a Mortgage Company in the state. If you were registered prior to July 1st, 2007, you won’t be required to obtain the license until December 31st, 2007, which is the renewal date under the act.

If you haven’t started working on getting licensed, we can help you out. Contact us today for details.