Get Your Mortgage Loan Originator License in 2024!
Minnesota Pre-Licensing Education
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How to Get Your MLO Mortgage License in Minnesota
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Step 1 |
Step 2 |
Step 3 |
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Apply for Your NMLS Account and ID Number |
Complete Your NMLS Pre-License Education |
Pass the NMLS Mortgage Licensing Exam |
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To begin the process of receiving your Minnesota mortgage license, you’ll need to apply for an NMLS account and ID number on the NMLS website. |
Next, all newly-licensed MLOs need to complete 20 hours of NMLS-approved education, consisting of 8 instruction hours and 12 hours of electives specific to the state. |
When your hours are complete, it’s time to take the National Test Component exam. Schedule an appointment online before you take the exam. See our complete guide for details. |
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Step 4 |
Step 5 |
Step 6 |
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Complete Background Checks and Pay All Fees |
Apply for Your Minnesota Mortgage License |
Associate Your NMLS Account with Your Employer |
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If you receive a passing score, you’ll be able to apply for your NMLS license. This requires a background check and fingerprinting. You’ll also have to pay some fees. |
Just having your NMLS license isn’t enough. Once you get it, you’ll also need to apply for the state-specific Minnesota NMLS license. Check out this page to get detailed instructions. |
In the state of Minnesota, you must have employer sponsorship and supervision for the government to remove the pending status from your license. Learn how to associate your NMLS account with your employer here. |
Get Your Mortgage License in Minnesota
Becoming a mortgage loan officer can be life-changing. It opens up career possibilities you may not have had before. The requirements to get a Minnesota Mortgage license include some hard hours of study, but you don’t have to have a college degree as a prerequisite, making it more accessible for people from all walks of life.
Whether you’re just starting or you’re looking for a career change, getting your MLO license could be a great choice for you. Your work will be satisfying as you help families secure loans for their dream homes. You’ll likely have flexible hours and opportunities to earn a significant income as well.
Minnesota Frequently Asked Questions
In an effort to curb the predatory lending practices that led to the demise of the housing and residential mortgage industry in 2008, the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE) was enacted. This opened up a world of opportunity to those driven to attain an MLO license and then work hard to match people with loan products.
| Topic | Hours Required |
|---|---|
| Fair Lending, Ethics, Fraud, and Consumer Protection | 3 Hours |
| Federal Laws and Regulations | 3 Hours |
| Non-Standard Lending | 2 Hours |
| Undefined Electives | 12 Hours |
| Total 20 Hours | |
Although it hasn't been enacted, be on the look out for the PE expiration policy coming soon. It states - If you complete the required 20 hours of education but do not obtain your license for a 3-year period, you'll need to repeat the coursework. The same applies if you let your license lapse for 3+ years before you want to get back into the industry.
A “mortgage broker” refers to an individual or an organization that connects consumers with mortgage loans from a variety of companies. Mortgage brokers frequently employ loan officers. In contrast, a loan officer is an employee who regularly works with borrowers and provides loans that are originated by their employer. Brokers and loan officers need different types of licenses.
Earning your mortgage broker license in Minnesota should be considered an investment well worth your time. Here’s what to expect when it comes to licensing fees in Minnesota:
| NMLS Fees | |
|---|---|
| NMLS Initial Processing Fee | $30 |
| NMLS Registration Processing Fee | $30 (January - June) $60 (July - December) |
| Credit Report | $15 |
| FBI Criminal Background Check | $36.25 |
| State Licensing & Registration Fee | $190 |
| Total License Cost | $301.25 |
On an annual basis, Minnesota MLO license holders must complete 8 total hours of Comprehensive Continuing Education that must cover:
| Topic | Required Hours |
|---|---|
| Federal Regulations and Law | 3 Hours |
| Ethics, including consumer protection, fair lending | 2 Hours |
| Non-Traditional mortgage lending | 2 Hours |
| Minnesota Specific Education | 1 Hour |
Remember to take into account the “successive years” rule, which prohibits loan officers from taking the same CE course two years in a row.
Mortgage Educators changes its continuing education course annually to ensure there are no issues with the successive years rule.
The deadline to complete CE in Minnesota is December 31st. MLO's in Minnesota are actually prevented from applying for license renewal until they have completed their CE.
Mortgage Educators and Compliance is here to answer any additional questions you may have regarding your Minnesota mortgage license. For additional questions, feel free to call us at (801) 676-2520 or email us at [email protected].
Become a Minnesota MLO
Start your MLO journey today by purchasing Mortgage Educator’s SAFE-compliant bundle course. This comprehensive course will teach you everything you need to know about becoming an MLO in Minnesota and jumpstart your path to a new career.
