How to get Minnesota Mortgage Loan Originator Prelicensing Education PE and MN Continuing Education CE Requirements Met
1. Get your NMLS Number
If you have not done so already, it takes 1 -2 minutes to get your NMLS number. https://www.statemortgageregistry.com/Public/Login.aspx Click "Request an account" Click "Individual" We try to make all of these things easier, what questions may we answer? Use the chat feature on the bottom right corner of every web page to get answers now!
2. Get and complete your MN 20 Hour Prelicense Education PE Course Bundle including the best MLO test prep program available.
3. Pass the NMLS Nation Component Exam with Uniform State Test using our included test preparation program and add other states by getting and completing state PE courses
4. Apply for your Minnesota MLO License through the NMLS, the licensing system will prompt you at this point for your next steps after opening your MN Mortgage Loan Originator application.
Questions about qualifications on any part of the process? Use the chat feature on the bottom right of this webpage or click here and get answers fast!
Minnesota Mortgage Loan Originator MLO Pre-licensing Requirements
Minnesota does not have any state specific PE requirements in addition to the initial 20 hours of SAFE education. If you haven't completed your initial 20 hours of SAFE education, click here to view our 20 Hour SAFE options. This state is a UST state and has adopted the Uniform state test added to the National test. If you want to be licensed in this state and have not taken the newest National test with UST included. Then you will want to take the UST stand alone. To purchase study material click here Nationwide Mortgage Licensing System (NMLS) your course completion record is posted on the NMLS, you pay for the exam and schedule the exam through the NMLS, and after successfully passing your NMLS exam on your first attempt using our extremely comprehensive and effective test preparation program you apply for all licenses and renewals on the NMLS.
Do you have your NMLS number yet?
If you have not done so already, it takes 1 -2 minutes to get your NMLS number. https://www.statemortgageregistry.com/Public/Login.aspx Click “Request an account” Click “Individual” We try to make all of these things easier, what questions may we answer? Use the chat feature on the bottom right corner of every web page to get answers now!
Minnesota MN Prelicensing Education PE Requirements
New state-licensed MLOs are required to complete 20 hours of NMLS approved education. This education must include 3 hours of Federal law, 3 hours of ethics (which shall include fraud, consumer protection, and fair lending issues), 2 hours of non-traditional mortgage lending, plus 12 hours of undefined education (referred to as electives). Number of hours is 3/3/2/12/= 20 Minnesota does not have a requirement for instruction on state-specific law. Click here to get your Minnesota Mortgage Loan Originator MLO SAFE 20 Hour Comprehensive course with the best test prep package
Continuing Education Requirements
Every MN Mortgage Lender licensee (in any approved status) is required to complete at least 8 hours of NMLS approved education annually beginning the first year of licensure (the chart below is NOT applicable to the Mortgage Lender licensee). The individual listed as the Qualifying Individual (on the MU1) must satisfy the CE requirement for the MU1 location and the individual listed as the Branch Manager (on the MU3) must satisfy the CE requirements for the MU3 location. Annual CE education must include 3 hours of Federal law, 2 hours of ethics (which shall include fraud, consumer protection, and fair lending issues), and 2 hours of non-traditional mortgage lending, 1 hour of elective on MN law Number of hours is 3/2/2/+ 1hr MN Law elective = 8 MLOs are advised that to comply with the SAFE Act’s “successive years” rule, they may not take the same CE course two years in a row. MLO’s are advised not to retake pre-licensure education (PE) unless directed to by a State Regulator. PE education does not count towards meeting annual CE requirements. Click here to get your MN 8 Hour MLO Online Course
| Am I required to take Continuing Education this year? | |||
| If I completed SAFE Act PE in 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021 | and I was licensed in 2009, 2010, 2011, 2012, 2013, 2014, 2015, or 2016, 2017, 2018 2019, 2020, 2021 or 2022 | am I required to complete CE in 2022 | YES |
| If I completed SAFE Act PE in 2022 | and I was approved for an initial license in 2022 | am I required to complete CE in 2020 | No |
Deadline
The deadline to complete CE is December 31, 2022. However, both Mortgage Lender Licensees and MLOs in Minnesota are prohibited from submitting an application to renew their license if they have not completed CE. Since it may take as long as seven (7) days for a course provider to report a course completion into NMLS, licensees are strongly encouraged not to wait until the last minute to try to complete CE or they may be prevented from submitting for renewal on time. This state is a UST state and has adopted the Uniform state test added to the National test. If you want to be licensed in this state and have not taken the newest National test with UST included, you will need to take the National Component NMLS exam with the Uniform State Test (UST). Click here to see test preparation options. If you don't see any PE courses scheduled please call our office at 317-201-7612 and speak with one of our Mortgage Education Specialists about newly scheduled classes and private events
Minnesota Mortgage Regulator Contact Information Department of Commerce Financial Institutions Division
For U.S. Postal and Overnight Delivery:
Department of Commerce
Financial Institutions Division
85 7th Place East
Suite 280
St. Paul, MN 55101
Contact Financial Institutions licensing staff by phone at (651) 539-1570 or send your questions via email to mortgage.commerce@state.mn.us for additional assistance.
How much does a MN MLO license cost? $171.25 is the cost of a Minnesota Mortgage Loan Originator License
Itemized MN MLO License costs itemized below:
NMLS Initial Processing Fee: $30
MN Application Fee: $90
Credit Report: $15
FBI Criminal Background Check: $36.25
Minnesota MLO NMLS Checklist what are the MN Mortgage Originator Licensing Requirements?
See attached document for the MN originator loan officer licensing information https://mortgage.nationwidelicensingsystem.org/slr/PublishedStateDocuments/MN-MLO-New-App-Checklist.pdf
Who has to be licensed in MN as an MLO MN Processor?
Any individual who for compensation or gain or in the expectation of compensation or gain, takes a residential mortgage loan application for Minnesota property or offers or negotiates terms of a residential mortgage loan located in Minnesota.
Individuals should read Minnesota Statutes Chapter 58A before applying for the license. The Minnesota Department of Commerce does not issue paper licenses for this license type. Licenses can be verified through the individual’s MU4 filing in NMLS or through NMLS Consumer Access at https://nmlsconsumeraccess.org/
What are the MLO License Credit Requirements?
Financial responsibility is evaluated for the most recent 3 years and decisions are not based on credit scores
Credit Report Explanations: Submit a line by line, detailed letter of explanation of all derogatory credit accounts along with proof of payoffs, payment arrangements and evidence of payments made, or evidence of any formal dispute filed (documents must be dated). Accounts to address include, but are not limited to: collections items, charge offs, accounts currently past due, accounts with serious delinquencies in the last 3 years, repossessions, loan modifications, etc.
Note: Items regarding bankruptcy, foreclosure actions, outstanding judgments or liens, or delinquent child support payments should be addressed in the Disclosure Explanations section of your Individual Form (MU4).
This document should be named Credit Report Explanations – Sub Name –Document Creation Date.
Failure to disclose and/or upload documentation will result in licensing processing delays. Notice this says delays, not denials, call and discuss any credit concerns with your AAA Mortgage Training licensing, education and testing success expert or click here to contact us