License Minnesota

Residential Mortgage Loan Originator License

Minnesota Department of Commerce

Agency contact information:

Commerce, Minnesota Department of
85 7th Place East, Suite 500
St. Paul, MN 55101
(651) 539-1500
(651) 539-1547(fax)
Division of Financial Institutions
(651) 539-1700
(651) 539-1548 (fax)
Robin Brown
Contact Info: Robin Brown

Website:

Minnesota Department of Commerce

Mortgage

Banking & Finance

License Lookup Directory


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.

Statutes:

Minn. Stats. 58A

Forms:

Online Residential Mortgage Originator Application (Form MU4) 

Electronic application available at NMLS (Nationwide Mortgage Licensing System).

Requirements:

An applicant for a residential mortgage loan originator license must meet the following requirements in order to obtain a license: 

· Completion of 20 hours of NMLS (Nationwide Mortgage Licensing System) -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.

Commissioner's Criminal Conviction Consent Application if needed. See Minn.Stat. § 58.125 for an explanation.


Resources

The Nationwide Mortgage Licensing System & Registry has available:

Fee:

Mortgage loan originator - $90 initial

Renewal - $50


Period of Issuance:

January 1 to December 31. 

Length of Determination Process:

10-30 days.