Article Summary: This article will help anyone looking for information pertaining to a mortgage license in the state of Minnesota or anyone looking to become a mortgage broker in Minnesota.
In Minnesota a Mortgage Broker is referred to as a
Mortgage Originator. Effective August 1, 1999, Minnesota Statutes Chapter 58 requires a person who acts as a residential mortgage originator or makes residential mortgage loans (which includes both brokers and lenders) to obtain a residential mortgage originator license. All aspects of the licensing are handled through the Minnesota Department of Commerce,
www.state.mn.us. The Mortgage Originator License allows one to work with both first and second mortgages.
Applicants who desire to
become a Mortgage Broker in Minnesota pay a non-refundable license application fee of $850. They also provide either a Surety Bond in the amount of $50,000 or an Irrevocable Letter of Credit for not less than $50,000. The state does not have any educational requirements.
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.
A person who is not in the regular business of making or brokering mortgage loans and makes a maximum of three such loans during any 12-month period, using one?s own funds, is not required to obtain a mortgage license in Minnesota.
The Minnesota Association of Mortgage Brokers (MAMB),
www.mnamb.org, is an affiliate of the National Association of Mortgage Brokers (NAMB), www.namb.org. 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.
We also offer information and resources for Minnesota Commercial Mortgage