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New Legislation - Prudential Standards for Non-Bank Mortgage Servicers.

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.

2019 Temporary Authority to Operate for Mortgage Loan Originators (.pdf)

2018 Supervisory Guidance to Mortgage Industry (.pdf)

2017 Supervisory Guidance to Mortgage Industry (.pdf)

Legislative Changes to Chapter 58A

Minnesota adopts the Uniform State Test and requires one hour of state specific continuing education.

Read the memo for more information. (.pdf)

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