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Forums » For Mortgage Professionals » General Mortgage Discussion » Do a Loan as an Out of State Mortgage Broker
 

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Latest post Fri, Oct 23 2009 4:11 PM by Kent Mikkola. 3 replies. Viewed 452 times.
Page 1 of 1 (4 items)

  • Tue, Oct 6 2009 3:53 PM                

    • Anonymous

    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.

  • Wed, Oct 21 2009 5:26 PM                 In reply to

    |Contact

    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

  • Fri, Oct 23 2009 9:53 AM                 In reply to

    |Contact

    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.

    PREMIUM MEMBER
     Senior Mortgage Banker, Pan American Mortgage, LLC a wholly-owned subsidiary of Pan American Bank.
    Visit my website: www.juanboldizsar.com

  • Fri, Oct 23 2009 4:11 PM                 In reply to

    |Contact

    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.

    PREMIUM MEMBER
     Going the extra mile is my normal route, even with today's gas prices.
    Kent Mikkola, Mortgage Consultant, M & M Mortgage, LLC, 1700 W Hwy 36, Ste 130, Roseville, MN 55113, Direct 651-558-9807, kmikkola@themmmortgage.com
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