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Apply for a Mortgage License

Follow the following prodecures to apply for a Mortgage Loan Originator license, Residential Mortgage Originator or Servicer license, or an RMOS License Exemption.

  • Apply for a Mortgage Loan Originator MLO License

    Minnesota uses the Nationwide Mortgage Licensing System (NMLS). Individuals applying for the Mortgage Loan Originator (MLO) License are required to use the NMLS.

    Please read Chapter 58A before applying for a Mortgage Loan Originator (MLO) License. Unlicensed activity may result in administrative action.

     
    Residential Mortgage Loan Originator License Requirements

    1. Have or create an account in NMLS to obtain your unique NMLS individual ID (NMLS Unique ID Number) and password issued by the NMLS website.

    2. Enroll, schedule, and take the National and State Component tests. Outlines for each test content are available in the Professional Requirements area of the NMLS website.

    3. Complete and submit Form MU4 through the NMLS website and obtain sponsorship by a Mortgage Originator company.

    4. $90 Mortgage Loan Originator application fee. Fees are non-refundable. In addition, a convenience fee and credit card processing fee must be paid by the applicant.

    5. Licenses issued expire on December 31 and are renewable on January 1 of each year after that date.

    6. Commissioner's Criminal Conviction Consent Application if needed. See M.S. 58.125 for an explanation.

    7. An applicant must complete the following before a license application can be considered:

    • Completion of 20 hours of NMLS approved pre-licensure education courses

    • Passing score on both the National and Minnesota SAFE Test

    • Fingerprints for an FBI criminal history background check

    • Authorization for a credit report

    • Sponsorship by a licensed mortgage originator company

    • A valid unique identifier issued by the NMLS

    Resources

    The Nationwide Mortgage Licensing System & Registry has a wealth of information available.

    Who to Contact 

    Contact Financial Institutions licensing staff by phone at 651-539-1700 (NMLS) or send your questions via e-mail to mortgage.commerce@state.mn.us for additional assistance. For NMLS system questions, please call the NMLS Call Center at 1-855-665-7123.

  • Apply for a Residential Mortgage Originator or Servicer License

    Minnesota uses the Nationwide Mortgage Licensing System (NMLS). All entities or individuals applying for a new mortgage license or renewing a license are required to use the NMLS.

    • After you have reviewed the online material, including the FAQ, if you still have questions about whether you need a license or general questions about licensing policies and procedures, please call 651-539-1700 (NMLS). Unlicensed activity may result in administrative action.

    • Some information will still need to be submitted in writing before action on the license can be taken.

    • Please read the very important legislative changes to Chapter 58 & 58A before applying or renewing a license.

    Download related forms here:

    Residential Mortgage Originator License Requirements

    1. Complete the MU1 license application form online using the NMLS system.

    2. $1,000 application fee (includes a $50 consumer education fee). Fees are non-refundable. In addition, a convenience fee and credit card processing fee must be paid by the applicant.

    3. Licenses are valid through December 31, renewable on January 1 of each year.

    4. A separate license is not required to make second mortgage loans.

    5. BCA form (to be submitted in writing)

    6. A filed Certificate of Authority from the Minnesota Secretary of State to transact business (to be submitted in writing).

    7. A filed Certificate of Assumed Name from the Minnesota Secretary of State if the DBA Name is different from the business entity (to be submitted in writing).

    8. A physical presence in Minnesota is not required. Branch locations physically located in Minnesota must complete and submit an MU3 form through the NMLS website.

    9. A licensee must have and maintain at all times the following:

    • An original surety bond in an amount of at least $100,000: complete originator surety bond form.

    • A valid unique identifier issued by the NMLS Disclosure of Owner form (to be submitted in writing)

    Residential Mortgage Servicer Company License Requirements

    1. Complete the MU1 license application form online using the NMLS system

    2. $500 application fee. Fees are non-refundable. In addition, a convenience fee and credit card processing fee must be paid by the applicant.

    3. Licenses are valid through December 31, renewable on January 1 of each year.

    4. An original surety bond or an original irrevocable letter of credit of not less than $100,000 (to be submitted in writing, download from column at right) is required for servicing residential loans unless the originator is FNMA or FHLMC approved. (Servicer Surety Bond form)

    5. BCA form (to be submitted in writing) 

    6. Disclosure of Owner form (to be submitted in writing)

    7. A filed Certificate of Authority from the Minnesota Secretary of State to transact business (to be submitted in writing).

    8. A filed Certificate of Assumed Name from the Minnesota Secretary of State if the DBA Name is different from full legal name of individual or business entity or does not include the full name of each partner (to be submitted in writing).

    9. Education is not required for Servicers.

    10. A physical presence in Minnesota is not required. Branch locations physically located in Minnesota must complete and submit an MU3 form through the NMLS website.

  • Apply for an RMOS License Exemption

    Minnesota uses the Nationwide Mortgage Licensing System (NMLS).

    • After you have reviewed the online material, including the FAQ, if you still have questions about whether you need a license or general questions about licensing policies and procedures, please call 651-539-1700 (NMLS). Unlicensed activity may result in administrative action.

    • Some information will still need to be submitted in writing before action on the license can be taken. The NMLS has a checklist of information that will need to be mailed. (See the License Checklist below)

    Download related forms here:

     

    Mortgage Originator License Exemption Application

    • See M.S. 58.04, Subd. 1 (c) for specific information

    • FHA, VA, or HUD approval does not exempt a company from licensing requirements

    • Exemptions are most commonly issued to:

                  - Financial Institutions

                  - Entities exempt by Commissioner's Order

    • Exemptions may require a Certificate of Exemption

    • $100 application fee payable through the NMLS

    • Certificate of Exemption does not expire

     

    Mortgage Servicer License Exemption Application

    • See M.S. 58.04, subd. 2(b) for specific information.

    • FHA, VA, or HUD approval does not exempt a company from licensing requirements.

    • Exemptions are most commonly issued to Financial Institutions

    • Exemptions may require a Certificate of Exemption

    • $100 application fee payable through NMLS

    • Certificate of Exemption does not expire

     

    Changes to the Exemption License
    Surrender- A licensee that ceases activity that is regulated under Chapter 58 must notify the Commissioner of Commerce, in writing and, at the same time, surrender the license. The licensee must also include a plan for the withdrawal from the business, including a timetable for the disposition of the business. A surrender request must also be submitted through the NMLS.

    Name Change- Name changes on licenses must be submitted within 10 days of the change through the NMLS. A licensee must also send a copy of the amended Certificate of Authority or Certificate of Assumed name that was filed with an approved by the Minnesota Secretary of State to the Minnesota Department of Commerce.

    Address Change- Address changes must be submitted within 10 days through the NMLS.