Mortgage

Individuals and business who intend to engage in accelerated mortgage payment provider activities register with NMLS.

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Accelerated mortgage payment provider (AMPP) license are required to use the NMLS.

Please read Minnesota Statute §332.30 to 332.303.

Renewal

AMPP licensees are perpetual; however, licensees must renew through NMLS by December 31 of each year.

Transition Letter (.pdf), August 3, 2016

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• Minnesota uses the Nationwide Multistate Licensing System (NMLS). Company/business entities applying for the Mortgage Originator (MO) License are required to use the NMLS.
• Please read Minnesota Statute 58 before applying for a Mortgage Originator (MO) license. Unlicensed activity may result in administrative action.

Renewal

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

Reapply

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.

Out-of-state

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.

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• Minnesota uses the Nationwide Multistate Licensing System (NMLS). Company/business entities applying for the Mortgage Originator (MO) License are required to use the NMLS.
• Please read Minnesota Statute 58 before applying for a Mortgage Servicer (MS) license. Unlicensed activity may result in administrative action.
  

Renewal

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. 

Apply

• Minnesota uses the Nationwide Mulistate Licensing System (NMLS). Company/business entities applying for the Mortgage Loan Originator (MLO) License are required to use the NMLS.
• Please read Minnesota Statute 58A before applying for a mortgage loan originator (MLO) license. Unlicensed activity may result in administrative action.

Renewal

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. 

Reapply

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 Loan Originator

Mortgage Loan Originators (MLOs) who are employees of an exempt entity as defined in  Minnesota Statute 58A.02, subd. 12(1) are not required to maintain a license through the State of Minnesota but must register through NMLS.

Examples of a registered MLO include: an employee of

• a depository institution,
• a subsidiary that is owned and controlled by a depository institution and regulated by a federal banking agency; or
  an institution regulated by the Farm Credit Administration.
• MLOs employed with an industrial loan and thrift company, as licensed under Minnesota Statute §53, or regulated lenders under Minnesota Statute §56, are NOT exempt and MUST hold licensure through the state.
• The steps for registration and licensure are outlined on the NMLS website.

Mortgage Originator/ Mortgage Servicer

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:

• a person licensed as a residential mortgage originator;
• an employee of one licensee or one person holding a certificate of exemption based on an exemption under this subdivision;
• a person servicing loans made with its own funds, if no more than three such loans are     made in any 12-month period;
• a financial institution as defined in section 58.02, subdivision 10;
• an agency of the federal government, or of a state or municipal government;
• an employee or employer pension plan making loans only to its participants;
• a person acting in a fiduciary capacity, such as a trustee or receiver, as a result of a specific order issued by a court of competent jurisdiction; or
• a person exempted by order of the commissioner.
  

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.