On May 24, 2023, Governor Tim Walz signed Minnesota Session Law 2023, Chapter 57, Senate File 2744 into law, which included adoption of prudential standards for non-bank mortgage servicers. Please click on the following link to access a summary of the new requirements: Minnesota adoption of Prudential Standards for Nonbank Mortgage Servicers - Summary (.pdf).
Information for accelerated mortgages, mortgage originators, servicers, mortgage loan originators, exempt entities, and accredited mortgage payment providers on licensing requirements.
Includes forms, legislation, and links to the Nationwide Multistate Licensing System.
Minnesota adopts the Uniform State Test and requires one hour of state specific continuing education.
Individuals and business who intend to engage in accelerated mortgage payment provider activities register with NMLS.
For questions about the Mortgage Loan Originator Service Examination Policy E-mail: mortgage.commerce@state.mn.us
Mortgage loan originator licenses licenses expire on December 31 of each year and are renewable on January 1 of each year after that date. The renewal fee is $500. Renewal is done through NMLS
If a license was not renewed, has lapsed, or was surrendered and you would like the license activated, please follow the instructions at the Nationwide Mulitstate Licensing System website and reapply for the license.
An out-of-state mortgage company does not need to physical presence in Minnesota; however, registration as a foreign corporation with the Minnesota Secretary of State may be required.
Mortgage servicer licenses expire on December 31 of each year and are renewable on January 1 of each year after that date. The renewal fee is $250. Renewal is done through NMLS.
Mortgage loan originator licenses expire on December 31 of each year and are renewable on January 1 of each year after that date. The renewal fee is $50. Renewal is done through NMLS.
If a license was not renewed, has lapsed, or was surrendered and you would like the license activated, please follow the instructions at the Nationwide Mulitstate Licensing System website and reapply for the license.
Mortgage Originators/Mortgage Servicers who are employees as defined in Minnesota Statute 58.04, subd. 2 through 4 are not required to maintain a license through the State of Minnesota but must register through NMLS.
Beginning August 1, 1999, no person shall engage in activities or practices that fall within the definition of "servicing a residential mortgage loan" under section 58.02, subdivision 22, without first obtaining a license from the commissioner according to the licensing procedures provided in this chapter.
The following persons are exempt from the residential mortgage servicer licensing requirements:
Subd. 3.Conducting business under license.
No person required to be licensed under this chapter may, without a license, do business under a name or title or circulate or use advertising or make representations or give information to a person, that indicates or reasonably implies activity within the scope of this chapter.
No person licensed under this chapter may do business under more than one name or title.
Subd. 4.Applicability to banks and credit unions.
Except for sections 58.13 and 58.137, subdivisions 2 and 3, this chapter does not apply to a bank, savings bank, savings association, or credit union, or to any subsidiary of any of them, that is subject to supervision by either a federal regulatory agency or the commissioner.