Mississippi passed a bill amending the Mississippi S.A.F.E. Mortgage Act. Under the bill, Mississippi S.A.F.E. Mortgage Act requirements related to the following were amended:
- Evidence of mortgage lender, broker, and servicer experience;
- Surety bond amounts for lender, broker, and servicers; and
- Contents of individual borrower file requirements for mortgage lenders and brokers.
Also, the bill added a dual capacity disclosure requirement for a mortgage lender and broker acting in a dual capacity. In addition, the bill amended requirements under the Mississippi S.A.F.E. Mortgage Act with respect to net worth. Under the bill, covered institutions that service (or subservice) at least 2,000 mortgage loans must maintain sufficient allowable assets for liquidity, in addition to the amounts required for servicing liquidity, to cover normal business operations. Covered institutions that meet the Federal Housing Finance Agency’s eligibility requirements for enterprise single-family seller/servicers with respect to minimum capital ratio, net worth and liquidity are deemed in compliance with this requirement (regardless of whether the covered institution is approved for government sponsored enterprise servicing). The net worth and additional requirements do not apply to covered institutions that are not-for-profit servicers or housing finance agencies. “Covered Institution” means a nonbank mortgage lender with a servicing portfolio of 2,000 or more residential mortgage serviced or subserviced loans as reported in the mortgage lender or mortgage servicer’s mortgage call report as of the most recent calendar year end, excluding whole loans owned and loans being interim serviced prior to sale. The bill becomes effective May 23, 2026.
Click to view the MS RA 18260: https://www.tenaco.com/wp-content/uploads/2026/04/MS-RA-18260-04-24-26.pdf
