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2010 Legislative Summary - Chapters 58 and 58a


2010 Legislative Changes for Residential Mortgage Originators

Minnesota uses the Nationwide Mortgage Licensing System (NMLS). Natural persons are required to meet the following requirements before a license can be issued:

  • Pre-license education

  • 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:


Education

  • 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.

 
Testing

  •  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) are 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.)

Criminal Background Checks

  •  MLOs should submit fingerprints through NMLS for a criminal background check.

Credit Reports

  •  All MLOs are required to authorize a credit report through NMLS.

More Information

 
Detailed instructions 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

are available on the NMLS Resource Center at http://mortgage.nationwidelicensingsystem.org. For questions about navigating the NMLS Resource Center, contact the NMLS Call Center at 240-386-4444.