The Department of Commerce licenses residential mortgage originators and mortgage servicers. Minnesota Statutes, Chapter 58 requires a person who acts as a residential mortgage originator or makes residential mortgage loans (which includes both brokers and lenders), to obtain a residential mortgage originator license. A person who services residential mortgage loans must obtain a residential mortgage servicers license.
Federally regulated financial institutions are not required to obtain a license, but are required to follow standards of conduct.
For more information about licensing requirements and exemptions, visit our Banking & Finance website. To see if a residential mortgage originator is licensed in Minnesota, use our License Lookup tool.