Residential Mortgage Loan Originator License
Agency contact information:
Commerce, Minnesota Department of
85 7th Place East, Suite 500
St. Paul, MN 55101
Division of Financial Institutions
(651) 539-1548 (fax)
Contact Info: Robin Brown
The Minnesota Department of Commerce is the chief regulator for the banking, energy, insurance, real estate, securities, telecommunications industries and also operates Minnesota's Unclaimed Property.
Minn. Stats. 58A
Online Residential Mortgage Originator Application (Form MU4)
Electronic application available at NMLS (Nationwide Mortgage Licensing System).
An applicant for a residential mortgage loan originator license must meet the following requirements in order to obtain a license:
· 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.
The Nationwide Mortgage Licensing System & Registry has available:
Testing (you must have a score of 75% or higher to pass both the National and State components)
Mortgage loan originator - $90 initial
Renewal - $50
Licensing surcharge to be assessed
The Minnesota Legislature passed legislation requiring a 10% surcharge of no less than $5 and no more than $150 on each business, commercial, professional or occupational license. The funding from this surcharge will go to MN.IT Services (formerly Office of Enterprise Technology (OET)), which is establishing an electronic licensing system for the state. The surcharge will be in place through June 30, 2015. See Minn. Stat. § 16E.22.
Period of Issuance:
January 1 to December 31.
Length of Determination Process: