Minnesota Residential Mortgage Originator License Requirements
Beginning August 1, 2007, an applicant for a residential mortgage originator license must be a corporation or other business entity and must complete the following:

1. Complete the Residential Mortgage Originator license application online at www.pulseportal.com.
2. Pay the application fee. The initial application fee is $2,125 if the application is submitted during the first year of the two year license. The initial application fee is $1,062 if the appplication is submitted during the second year of the two year license.
3. A licensee must have and maintain at all times one of the following:
   • Approval as a mortgagee by either HUD or FNMA
   • Tangible net worth of $250,000
   • $50,000 surety bond or letter of credit
4. Submit the following forms in writing:
   • Commissioner's Criminal Conviction Consent Application
   • Disclosure of Owner and BCA form
   • A filed Certificate of Assumed Name from the Minnesota Secretary of State if the DBA name is different from the business entity
5. Provide the Federal Employee Identification Number (FEIN) from the IRS.
6. Residential mortgage originators are required by Minnesota law to demonstrate successful completion of 15 hours of approved education, including 4 hours of Minnesota law.

After July 31, 2007, the Department will no longer license natural persons as residential mortgage originators. Exemption from licensure for certain real estate agents and insurance agents will not be available after July 31, 2007. Natural persons, including independent contractors, who are employed as mortgage originators by licensees and exempt entities, are not required to be licensed; however, the entity employing them must maintain a perpetual list of these individuals, perform background checks and assure that the individuals have completed the education requirements.

Minnesota Mortgage Lending Education Requirements

Residential mortgage originators are required by Minnesota law to demonstrate successful completion of 15 hours of approved education, including 4 hours of Minnesota law.

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