Minnesota uses the Nationwide Mortgage Licensing System (NMLS). Natural persons are required to meet the following requirements before a license can be issued:
A passing score on both the National and State components of the SAFE Test
Satisfactory criminal background check including fingerprints
Minnesota Department of Commerce satisfactory review of a credit report
License sponsorship in NMLS by a licensed mortgage originator company
Here is further information regarding those requirements:
Mortgage loan originators (MLOs) originating loans in Minnesota must have a total of 20 hours of NMLS approved pre-license education (PE).
The 20 hours of PE must be completed before a MLO license can be approved.
Chapter 58A requires you to complete 8 hours of NMLS-approved Continuing Education (CE) annually. You will need to complete 8 hours of CE in 2011 in order to renew for 2012, and 8 hours in every year after that to remain licensed.
All MLOs must complete both the National and State Component of the SAFE MLO test before a license can be approved.
You must enroll and schedule the National and Minnesota State Component tests directly through the NMLS.
The content outline for the national and state test (with references) is published on the NMLS Resource Center.
You do not need to have completed the 20 hours of education before you take the test.
Testing center information can be found on the NMLS website.
MLOs should submit fingerprints through NMLS for a criminal background check.
All MLOs are required to authorize a credit report through NMLS.
Detailed instructions are available on the NMLS Resource Center on:
how to schedule a fingerprint appointment for the criminal background check,
how to schedule an appointment to take the National and/or State test,
how to enroll in NMLS pre-licensure education courses.
For questions about navigating the NMLS Resource Center, contact the NMLS Call Center at 240-386-4444.
This document provides a summary of legislative changes affecting residential mortgage originators.