Get Your Mortgage Loan Originator License in 2022!
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 Mortgage License Education Requirements:
According to state and national law, those who wish to receive their MLO license must complete a course that meets the requirements of the SAFE Mortgage Licensing Act of 2008.
In Minnesota, you must complete 20 hours of NMLS-approved coursework to apply for your license. These 20 hours include:
3 hours of federal law and regulations
3 hours of ethics and instruction on fraud
2 hours of training on lending standards for nontraditional mortgages
12 hours of electives
You can save money by paying for a course that bundles the hours required. To get a discount on the Mortgage Educators course, just use the coupon code at checkout.
What's the Difference Between a Minnesota Mortgage Broker License and a Minnesota Loan Officer License?
These terms are related and therefore easily confused. A mortgage broker license allows you to own a mortgage brokering firm. The mortgage broker works as an intermediary between lenders (such as banks) and individuals who want to buy real estate.
A mortgage loan officer license allows you to be employed by a mortgage broker. On behalf of the broker, you can work with borrowers to complete their mortgage applications and negotiate the loan terms.
Cost of Getting Your Mortgage License in Minnesota
In addition to the price you’ll pay for the course, you’ll also need to pay these fees:
NMLS State Processing Fee - $30
NMLS Federal Registration Processing Fee - $30 (if registration occurs between January and June) to $60 (if registration occurs between July and December)
Credit Report - $15.00
Background Check - $36.25
Licensing/Registration Fee - $190.00
National Exam - $110.00
Though not required, it is also a good idea to invest in study materials to help you pass your exam the first time.
PE Expiration Policy in Minnesota
It’s essential to renew your MLO license regularly. According to NMLS policy, a mortgage loan officer who fails to renew their license within three years of their last valid licensure will be required to retake the 20 hours of pre-license education.
Minnesota Continuing Education Requirements
To keep your MLO license, you’ll need to renew it yearly. This isn’t hard, but it does require completing some hours of continuing education coursework, similar to the Pre-license education courses you had to complete to get your license.
To renew your license, you must complete 8 hours of continuing education courses, which include:
3 hours of federal law and regulations
2 hours of ethics and instruction on fraud
2 hours of training on lending standards for nontraditional mortgages
1 hour Minnesota state-specific training
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.
Additional Questions?
Mortgage Educators and Compliance is here to answer any additional questions that you may have in regards to your Minnesota mortgage license. For additional questions, feel free to call us at (801) 676-2520 or email us at 20hour@MortgageEducators.com.
