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
Minnesota Mortgage Forms
Minnesota Reciprocity States
(as of 2/23/2010)
Minnesota Approved Mortgage Schools Prelicensing and Postlicensing
Pulse Portal (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.