Minnesota Mortgage Loan Originator License

Minnesota Mortgage Education

EasyRealEstateSchool.com offers these Minnesota mortgage education courses in conjunction with MortgageEducation.com. All the mortgage education courses are NMLS-approved and will satisfy all the required education hours for your state. Should you have any questions please feel free to contact MortgageEducation.com.

Minnesota Mortgage Loan Originator License

Who is required to have this license?

Any individual who for compensation or gain or in the expectation of compensation or gain (i) takes a residential mortgage loan application or (ii) offers or negotiates terms of a residential mortgage loan must obtain a mortgage loan originator license.

In addition, any loan processor or underwriter who is an independent contractor may not engage in the activities of a loan processor or underwriter unless the independent contractor loan processor or underwriter obtains and maintains a license under Chapter 58A.03, subd. 3.

Who does not need this license?

  • Employees of depository institutions and certain subsidiaries who are registered in the system established by the Federal Banking Agencies
  • Loan processors and underwriters who are employees of a mortgage originator company
  • Individuals that only perform real estate brokerage activities and are licensed under Minnesota Statutes Chapter 82, unless that person is compensated by a lender, mortgage broker, or other mortgage loan originator or by an agent of the lender, mortgage broker, or mortgage loan originator
  • Individuals solely involved in the extension of credit relating to timeshare plans, as defined in 11 USC 101(53D)
  • Individuals negotiating a residential mortgage loan for their own residence
  • Individuals negotiating a residential mortgage loan involving a member of his or her immediate family
  • A licensed attorney negotiating a residential mortgage loan on behalf of a client as an ancillary matter to the attorney’s representation of the client
  • An employee of a nonprofit organization exempt from taxation under section 501 (c)(3) that is not otherwise engaged in the financing of housing for low- and moderate-income households

Pre-requisites for license applications?

  • Criminal background check
  • Credit check
  • Testing
  • Education

For more information about the actual course please visit Mortgage Education Course FAQ’s.

Minnesota Mortgage Loan Originator License

 


Minnesota State Requirments

Minnesota Mortgage Education Requirements

Section 58A.06 of Minnesota Statutes requires individuals who engage in residential mortgage origination or make residential mortgage loans, to complete at least 20 hours of pre-licensure (PE) education which has been approved by the NMLS. The training must include at least:

  • 3 hours of federal law and regulations;
  • 3 hours of ethics, which includes instruction on fraud, consumer protection, and fair lending issues; and
  • 2 hours of training related to lending standards for the nontraditional mortgage product marketplace.

In addition to initial education requirements, each individual must complete 8 hours of continuing education (CE) 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 standards governing nontraditional mortgage lending.

For more information about the actual course please visit Mortgage Education Course FAQ’s.

Minnesota Mortgage Loan Originator License