Title: Accelerated Mortgage Payment Provider
Alternate Title: Accelerated Mortgage Payment Provider
Description: "Accelerated mortgage payment providers" are persons who receives funds to make mortgage payments to a lender or lenders, on behalf of mortgagors, in order to exceed regularly scheduled minimum payment obligations under the terms of the indebtedness. The term does not include: (i) persons or entities as described in
Minn. Stat. § 332A.02, subd. 8, clauses (1) to (8); (ii) mortgage lenders or servicers, industrial loan and thrift companies, or regulated lenders under
Minn. Stat. Chapter 56; or (iii) persons authorized to make loans under
Minn. Stat. § 47.20, subd. 1. See
Minn. Stat. §§ 332.30-.303. Minnesota Department of Commerce
Subject: Loans and Lenders
Mortgage
Mortgage Brokers/Lenders
Mortgage Professionals
Creation Date: 9/11/2008 2:10:25 PM
Modification Date: 4/23/2025 9:52:33 AM
Agency Name: Commerce, Minnesota Department of
Agency URL: https://mn.gov/commerce/
Agency Description:
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.
Agency Phone: 651-539-1500
Agency Fax: Agency URL: https://mn.gov/commerce/
Agency Address:
85 7th Place East, Suite 500
St. Paul
MN
55101
Division Name: Financial Institutions Divisions
Division URL:
Division Description:
Division Phone: 651-539-1570
Division Fax: Division URL:
Audience:
Application URL: https://mortgage.nationwidelicensingsystem.org/slr/Pages/DynamicLicenses.aspx?StateID=MN
Renewal URL: https://mortgage.nationwidelicensingsystem.org/slr/common/renewals/Pages/default.aspx
Versa URL:
Requirements:
Review:
Mortgage
Accelerated Mortgage
Individuals and business who intend to engage in accelerated mortgage payment provider activities register with NMLS
Renewal
AMPP licensees are perpetual; however, licensees must renew through NMLS by December 31 of each year.
Transition Letter (.pdf), August 3, 2016
Rules:
Statutes: 332.30
Forms:
Apply
Accelerated mortgage payment provider (AMPP) license are required to use NMLS
Please read Minn. Stat. § 332.30-303
Fees:
$250
Period of Issuance:
Perpetual until surrendered or suspended.
Length of Determination: 50-60 days.
Other Info:
Activity: Loans (Non-Bank Lenders)
License Detail URL:
Accelerated Mortgage
Mortgage
Financial Institutions
License Lookup Directory
