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Minnesota Mortgage License |
Minnesota mortgage license is a legal necessity for home loan brokers, bankers, loan originators and lenders offering their services in the state. The Minnesota Department of Commerce handles all the regulation of real estate license for the individuals involved with home loan lending and selling business in the state. It is very important for those applicants seeking state license to understand all the MN mortgage licensing process prevalent in the state. The recent development in the real estate industry has also attracted a large number of people to enter the mortgage business. Becoming a broker or a loan originator is regarded as a profitable career in the state.
Minnesota Mortgage Broker License
Home loan brokers in Minnesota are referred to as mortgage originators and they are required to have the license authorized by the Minnesota Department of Commerce. According to the licensing department, applicants seeking mortgage broker license are required to pay $850 as non-refundable application fee. In addition, the applicants should either maintain a surety bond of $50,000 or provide an irrevocable letter of credit of the same amount.
However, the state does not have any requirement relating to the educational qualification of the brokers. It is not essential for the brokers to hold a physical office within Minnesota to get approval for the state license. In case of out-of-state applicants, they are required to get registered as foreign corporation at the Minnesota Secretary of State.
Minnesota Mortgage Licensing Requirements
Loan originators and mortgage broker applying for the state license are required to maintain a minimum net worth of $25,000. Moreover, they should pay a state initial fee of $2,125 and a state renewal fee in amount of $1,125. There is no separate licensing requirements for branch office and loan officers working for the licensed company. Loan originators are also required to complete 15 hours of continuing education in order to get their license renewal. The applicants should submit the complete application along with their signature, required documents and the stipulated application fees to the licensing department in time.
Mortgage Licensing Companies
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There are also several mortgage licensing companies and real estate schools that provide a wide range of training courses and pre-licensing education programs in the state of Minnesota. Most of them are available on the Internet and they can help the applicants to get a fast and hassle free way of obtaining their mortgage license.
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