License: Residential Mortgage Loan Originator License / Exemption

Minnesota Department of Commerce Licensing Unit external site

85 7th Place East, Suite 600

St. Paul, MN 55101-3165

(651) 296-6319

<p xmlns="http://www.w3.org/1999/xhtml">Any company that directly, or indirectly, for compensation or gain or in the expectation of compensation or gain, solicits or offers to solicit, or accepts or offers to accept an application for a residential mortgage loan through any medium or mode of communication from a borrower, or makes a residential mortgage loan. A residential mortgage originator includes both brokers and lenders. </p> <p xmlns="http://www.w3.org/1999/xhtml">A company exempt from licensure under <a href="https://www.revisor.mn.gov/statutes/cite/58.04">Minn. Stat. § 58.04</a>, subd. 1 must apply for a certificate of exemption. Companies may be exempt from licensing but the individuals originating loans may be required to be licensed per <a href="https://www.revisor.mn.gov/statutes/cite/58a">Minn. Stat. Chapter 58A</a>. </p> <p xmlns="http://www.w3.org/1999/xhtml">Minnesota Department of Commerce</p> <p xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: Arial; font-size: 10pt;"><strong><br /> Review <a href="https://mn.gov/commerce/industries/financial-institutions/mortgage/#2">Mortgage Originator</a></strong></span></p> <strong style="font-family: Arial; font-size: 9pt;" xmlns="http://www.w3.org/1999/xhtml"><span style="box-sizing: border-box; line-height: 1.1; color: rgb(0, 0, 0);">Apply</span></strong> <ul style="box-sizing: border-box; margin-top: 0px; color: rgb(51, 51, 51); font-family: Arial; font-size: 9pt; margin-bottom: 18px !important; padding-bottom: 0px !important;" xmlns="http://www.w3.org/1999/xhtml"> <li style="box-sizing: border-box; margin: 0px 0px 0px 20px; padding: 0px 0px 0px 5px; list-style: disc;"><span style="color: rgb(0, 0, 0);">Minnesota uses the</span> <a href="https://mortgage.nationwidelicensingsystem.org/Pages/default.aspx">Nationwide Multistate Licensing System (NMLS)</a>. <span style="color: rgb(0, 0, 0);">Company/business entities applying for the Mortgage Originator (MO) License are required to use</span> <a href="https://mortgage.nationwidelicensingsystem.org/Pages/default.aspx">NMLS</a></li> <li style="font-weight: 400; box-sizing: border-box; margin: 0px 0px 0px 20px; padding: 0px 0px 0px 5px; list-style: disc;"><span style="color: rgb(0, 0, 0);">Read </span><a href="https://www.revisor.mn.gov/statutes/cite/58" title="https://www.revisor.mn.gov/statutes//cite/58" style="box-sizing: border-box; background: transparent; color: rgb(0, 56, 101);">Minn. Stat. Chapter 58</a> <span style="color: rgb(0, 0, 0);">before applying for a Mortgage Originator (MO) license. Unlicensed activity may result in administrative action.</span></li> </ul> <span style="font-family: Arial; font-size: 9pt;" xmlns="http://www.w3.org/1999/xhtml"><span style="box-sizing: border-box; line-height: 1.1; color: rgb(0, 0, 0);"><strong>Renewal</strong> <br /> 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 <a href="https://mortgage.nationwidelicensingsystem.org/Pages/default.aspx">NMLS</a> <br /> <br /></span> <br /> <strong style=""><span style="box-sizing: border-box; line-height: 1.1;"><span style="color: rgb(0, 0, 0);">Reapply</span> <br /></span></strong> <span style="color: rgb(51, 51, 51);">If a license was not renewed, has lapsed, or was surrendered and you would like the license activated,follow the instructions at</span> <a href="https://mortgage.nationwidelicensingsystem.org/slr/resources/Pages/GettingStartedStateCo.aspx">NMLS</a><span style="color: rgb(51, 51, 51);"> and reapply for the license. <br /></span> <br /></span> <span style="box-sizing: border-box; font-family: "Open Sans", "Helvetica Neue", Helvetica, Arial, sans-serif; line-height: 1.1; color: rgb(51, 51, 51); font-size: 9pt;" xmlns="http://www.w3.org/1999/xhtml"><strong style="font-family: Arial;">Out-of-state</strong><span style="font-family: Arial; font-size: 9pt;"><br />  An out-of-state mortgage company does not need to physical presence in Minnesota; however, </span><a href="https://www.sos.state.mn.us/business-liens" style="font-size: 9pt; background: transparent; box-sizing: border-box; color: rgb(0, 56, 101); font-family: Arial;">registration as a foreign corporation with the Office of the Minnesota Secretary of State</a><span style="font-size: 9pt;"><span style="font-family: Arial; font-size: 9pt;"> may be required.</span> <br /> <br /></span></span> <div xmlns="http://www.w3.org/1999/xhtml"><span style="font-size: 9pt;"><br /></span></div> <p style="box-sizing: border-box; margin-bottom: 12px; color: rgb(51, 51, 51); font-family: "Open Sans", "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 9pt;" xmlns="http://www.w3.org/1999/xhtml"><strong>Requirements Checklist -Residential Mortgage Originator License <br /></strong></p> <ul style="margin-top: 0px; color: rgb(34, 34, 34); font-family: Arial, Helvetica, sans-serif; font-size: 12.8px;" xmlns="http://www.w3.org/1999/xhtml"> <li style="margin-bottom: 4px; margin-left: -20px;"><a href="https://mortgage.nationwidelicensingsystem.org/slr/PublishedStateDocuments/MN-Residential-Company-Mtg-Originator-New-App-Checklist.pdf" target="_blank" style="color: rgb(20, 66, 159);">New Application</a></li> <li style="margin-bottom: 4px; margin-left: -20px;"><a href="https://mortgage.nationwidelicensingsystem.org/slr/PublishedStateDocuments/MN-Residential-Company-Mtg-Originator-Amendment-Checklist.pdf" target="_blank" style="color: rgb(57, 102, 191);">Amendment</a></li> <li style="margin-bottom: 4px; margin-left: -20px;"><a href="https://mortgage.nationwidelicensingsystem.org/slr/PublishedStateDocuments/MN-Residential-Company-Mtg-Originator-Surrender-Checklist.pdf" target="_blank" style="color: rgb(57, 102, 191);">Surrender</a> <br /> <br /></li> </ul> <div xmlns="http://www.w3.org/1999/xhtml"><strong style="color: rgb(51, 51, 51); font-family: "Open Sans", "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 12px;">Requirements Checklist -Residential Mortgage Originator Exemption <br /> <br /></strong> <ul style="margin-top: 0px; color: rgb(34, 34, 34); font-family: Arial, Helvetica, sans-serif; font-size: 12.8px;"> <li style="margin-bottom: 4px; margin-left: -20px;"><a href="https://mortgage.nationwidelicensingsystem.org/slr/PublishedStateDocuments/MN-Residential-Company-Mtg-Originator-Exemption-New-App-Checklist.pdf" target="_blank" style="color: rgb(20, 66, 159);">New Application</a></li> <li style="margin-bottom: 4px; margin-left: -20px;"><a href="https://mortgage.nationwidelicensingsystem.org/slr/PublishedStateDocuments/MN-Residential-Company-Mtg-Originator-Exemption-Amendment-Checklist.pdf" target="_blank" style="color: rgb(57, 102, 191);">Amendment</a></li> <li style="margin-bottom: 4px; margin-left: -20px;"><a href="https://mortgage.nationwidelicensingsystem.org/slr/PublishedStateDocuments/MN-Residential-Company-Mtg-Origniator-Exemption-Surrender-Checklist.pdf" target="_blank" style="color: rgb(57, 102, 191);">Surrender</a></li> </ul> </div> None