In Minnesota a Mortgage Broker is referred to as a Mortgage Originator.  All aspects of the licensing are handled through the Minnesota Department of Commerce. The Mortgage Originator License allows one to work with both first and second mortgages.

The mortgage licensing process in Minnesota is handled through PULSE System.  Licenses are valid for two years, and expire on July 31st of odd numbered years.  The license fee for the first year of the two year period is $2,125, and $1,062 in the second year.  Applicants must also provide either an approval letter as a mortgagee by either HUD or FNMA, or show either a tangible net worth of $250,000; or a $50,000 surety bond or letter of credit.

The pre-license education requirement is 20 hours of residential mortgage education with a minimum of 4 of those hours covering Minnesota laws. Each individual must complete 8 hours of continuing education annually.  The education must include: 3 hours of federal law and regulations; 2 hours of ethics, including fraud, consumer protection, and fair lending; and 2 hours of stardards governing nontraditional mortgage lending.

A physical presence is not required in Minnesota. However, an out-of-state broker does need to register as a foreign corporation with the Minnesota Secretary of State.

The Minnesota Association of Mortgage Brokers (MAMB) , is an affiliate of the National Association of Mortgage Brokers (NAMB).  The MAMB strives to provide the highest quality educational courses to those who desire to become a Mortgage Broker in Minnesota and also to those already licensed.

Minnesota Mortgage Forms	Minnesota Reciprocity States
Most mortgage forms can be obtained online. Ones listed below pertain to new salespersons and brokers. Originator Surety Bond Form Originator Letter of Credit Education Information	N/A (as of 2/23/2010)
Minnesota Approved Mortgage Schools Prelicensing and Postlicensing Education
Community Colleges N/A	Private Schools Pulse Portal (Online) Proschools (Online)
Last Update:  2/22/2010 This list may not include all approved schools. Please visit the Mortgage Originator License section of the Department of Commerce website for the latest list of approved schools.