The following information is required to obtain a Mortgage Broker License in Minnesota:

• Submit a completed and signed application along with required documents and stipulated application fee to the Department.
• Attach all the required enclosures such as the copy of Certification of Incorporation, Partnership Agreement, description of the business, and other requirement forms whichever are applicable.
• An applicant need not fulfill any specific education requirements before obtaining a Mortgage Originator/Mortgage Broker License.
• All residential mortgage originator and servicer licenses are valid through July 31 of each odd-numbered year. However, if you have a Certificate of Exemption, there is no expiration date. The Certificate of Exemption is valid as long as the information contained in the application that was the basis for the exemption remains the same.
• An application for renewal must be submitted not later than July 15 of the renewal year. Licenses are renewable on August 1 of each odd-numbered year.
• A surety bond or an irrevocable letter of credit of at least $50,000 is required for servicing residential loans. However, if the originator is FNMA or FHLMC approved, then this financial requirement is not applicable.
• The residential mortgage originator license authorized both first and second mortgages.
• A physical presence in Minnesota is not required to do business in the State. Foreign corporations planning to operate in Minnesota must apply to the Secretary of State for registration.
• There are no requirements of licensing or registrations for branch offices. Written notification of any branch locations within the State of Minnesota is required as part of the application.
• A licensee or exempt person is required to keep and maintain for 26 months the business records regarding residential mortgage loans applied for, originated, or serviced in the course of its business.
• If the applicant is making only commercial mortgage loans, then a real estate limited broker's license issued under Minnesota Statutes Chapter 82 is required.

Application for Minnesota Mortgage Broker License can be downloaded at Minnesota Commerce: Mortgage Originator-Servicer Application.

For more information on the laws and regulations governing the Mortgage Brokers License, visit Minnesota Department of Commerce.