Mortgage

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)

Accelerated Mortgage

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

Apply

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
Mortgage Originator
Resources

For questions about the Mortgage Loan Originator Service Examination Policy

E-mail: mortgage.commerce@state.mn.us

Apply
- 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.
Mortgage Servicer
Apply
- 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.
Individual Mortgage Loan Originator
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.
Exempt Entities
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.
Notice of Lender Affiliation Form

Minnesota Session Law 2019, Chapter 58 added an exemption to licensing requirements for residential mortgage originators to allow for conformity with federal truth in lending requirements. Chapter 58 amends Minnesota Statutes 2018, sections 58.04, subdivision 1; 58A.03, subdivision 2.

View the full language of the law

MS §58A Subd.2 (6)iii / MS §58.04 Subd.1 now require a Notice of Lender Affiliation be provided to Minnesota Consumers.

Notice of Lender Affiliation Form (.pdf)

While not specifically required by law, it is recommended that this form should be printed on paper that is a color other than white so it stands out from other forms that are provided to prospective home buyers.