As an out of state mortgage broker, can I do a loan for a client that moved to Minnesota? Some states offer an exemption if you only do 3 per year in their state then you don't need to get licensed in that state. Does Minnesota have any such exemption? I don't know if it matters in Minnesota as it does in Indiana but I am also a Registered Investment Adviser.

I understand your concern.  I also I'm a nation wide lender and more often then not my clients are from California to Maine.  You will need to either speak with local Department of Real Estate to have the exact guidelines and also depending if it's a FHA loan the guide lines will differ.

 

Voyage Home Loans

Mike Kim

If you're signed up with Flagstar (we don't use them anymore), last I remember they had a document on their site describing the licensing requirements for each state and in one column of the list, it said whether there were any exemptions.  From my recollection, I don't believe that MN has such an exemption.

NAMB offer this resource: http://www.namb.org/namb/State_Licensing_Resource_Center.asp?SnID=5

MN requirements are here: https://www.revisor.leg.state.mn.us/bin/getpub.php?pubtype=STAT_CHAP&year=2006&section=58#stat.58.04.0

 

There is no exemption here in MN.