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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: Mortgage
Mortgage Brokers/Lenders
Mortgage Professionals
Creation Date: 9/11/2008 2:10:25 PM
Modification Date: 9/12/2019 4:39:34 PM
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: 651-539-1600
800-857-3602
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:

Information for 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 (NMLS)

2018 Supervisory Guidance to Mortgage Industry (.pdf)
2017 Supervisory Guidance to Mortgage Industry (.pdf)

Legislative Changes to Minn. Stat. Chapter 58A

Minnesota adopts the Uniform State Test and requires one hour of state specific continuing education. Read the memo for more information. (.pdf)

Review:

Accelerated Mortgage Payment Provider

Requirements Checklist


Rules:
Statutes: 332.30

Forms: Go to NMLS
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 Payment Provider

Mortgage

Financial Institutions

License Lookup Directory

Minnesota Department of Commerce


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