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Mortgage licensing / Minnesota

Minnesota Accelerated Mortgage Payment Provider License

company licence · NMLS MNMORTGAGEPYMNT_C · DOC

Any person who receives funds to make mortgage payments to a lender or lenders, on behalf of mortgagors, in order to exceed regularly scheduled minimum payment obligations under the terms of the indebtedness is required to have this license. The term does NOT include: (i) persons or entities as described in Minnesota Statutes Section 332A.02, subdivision 8, clauses (1) to (8); (ii) mortgage lenders or servicers, industrial loan and thrift companies, or regulated lenders under Chapter 56; or (iii) persons authorized to make loans under Section 47.20, subdivision 1. See Minnesota Statutes §§ 332.30 to 332.303.

Requirements (14)

  1. Step 1

    Other Trade Name: If operating under a name that is different from the applicant’s legal name, that name (“Trade Name”, “Assumed Name” or “DBA”) must be listed under the Other Trade Names section of the Company Form (MU1). Minnesotadoes not limit the number of other trade names. If operating under an “Other Trade Name”, upload a file-stamped copy of the Certificate of Assumed Name from the Minnesota Secretary of Stateregarding the ability to do business under that trade name. This document should be named [State-License Type] Trade Name – Assumed Name.

    Submitted via: NMLS Upload in NMLS: under the Document Type Trade Name/Assumed Name Registration Certificates in the Document Uploads section of the Company Form (MU1).

  2. Step 2

    Resident/Registered Agent: The Resident/Registered Agent must be listed under the Resident/Registered Agent section of the Company Form (MU1) and must match the information currently on record with the Minnesota Secretary of State.

    Submitted via: NMLS

  3. Step 3

    Bank Account: Bank account information must be completed for the company’s trust accounts in the Bank Account section of the Company Form (MU1). Payments received from clients must be held in a separate trust account clearly designated for client funds. The account must be in a bank or other depository institution authorized or chartered under the laws of any state or of the United States. The provider must not commingle funds held for payment to lenders with its own property or funds.

    Submitted via: NMLS

  4. Step 4

    Electronic Surety Bond:Electronic Surety Bond via NMLS in the amount of $100,000 furnished and submitted by a surety company authorized to conduct business in Minnesota.

    Submitted via: Electronic Surety Bond in NMLS

  5. Step 5

    See the ESB Adoption Table and the ESB for NMLS Licensees page of the NMLS Recourse Center for more information. Note: Surety bonds submitted via the Document Uploads section will not satisfy this requirement.

  6. Step 6

    Business Plan: Upload a business plan outlining the following information: • Marketing strategies • Products • Target markets • Fee schedule • Operating structure the applicant intends to employ. This document should be named [Company Legal Name] Business Plan. Note: If the existing uploaded business plan already includes the above information, an additional document does not need to be uploaded. A company should only upload a single business plan. If state-specific material is required, this information should be added to the existing uploaded business plan.

    Submitted via: Upload in NMLS: under the Document Type Business Plan in the Document Uploads section of the Company Form (MU1).

  7. Step 7

    Certificate of Authority/Good Standing Certificate: Upload a State-issued and approved document (typically by the Secretary of State’s office), dated not more than 60 days prior to the filing of the application through NMLS that demonstrates authorization to do business in the licensee’s state of formation. This document should be named [State prefix] Certificate of Authority OR [State prefix] Certificate of Good Standing].

    Submitted via: Upload in NMLS: under the Document Type Certificate of Authority/Good Standing Certificate in the Document Uploads section of the Company Form (MU1).

  8. Step 8

    Company Staffing and Internal Policies: If the company has employees in the state of Minnesota, upload a copy of the declaration page of the workers compensation policy or other evidence of current insurance coverage, which shows the amount of insurance, dates of coverage and name of the company insured. This document should be named [Workers Compensation Policy]. If the company has no employees in Minnesota, a letter stating as such must be uploaded.

    Submitted via: Upload in NMLS: under the Document Type Document Samples in the Document Uploads section of the Company Form (MU1).

  9. Step 9

    Document Samples: Upload copies of the following sample documents used in the regular course of business in connection with this license: • Sample copy of contract between accelerated mortgage payment provider and mortgagor. The contract must include all applicable terms and conditions, including but not limited to all fees, costs and charges. (See Minn. Stat. 332.302). This document should be named [Name of Document Sample].

    Submitted via: Upload in NMLS: under Document Samples in the Document Uploads section of the Company Form (MU1).

  10. Step 10

    Formation Documents: Determine classification of applicant’s legal status and submit a State certified copy of the requested applicable documentation detailed below. Original formation documents and all subsequent amendments, thereto including a list of any name changes. This document should be named Formation Documentation [Date of Creation (MM-DD-YYYY)]. Sole Proprietor • If sole proprietor is operating under a different name a Certificate of Assumed Name must be uploaded. General Partnership: • Partnership Agreement (including all amendments). Limited Liability Partnership: • Certificate of Limited Liability Partnership; and • Partnership Agreement (including all amendments). Limited Partnership: • Certificate of Limited Partnership; and • Partnership Agreement (including all amendments). Limited Liability Limited Partnership: • Certificate of Limited Liability Limited Partnership; and • Partnership Agreement (including all amendments). Limited Liability Company (“LLC”): • Articles of Organization (including all amendments); • Operating Agreement (including all amendments); • IRS Form 2553 or IRS Form 8832 if S-corp treatment elected; and • LLC resolution if authority not in operating agreement. Corporation: • Articles of Incorporation (including all amendments); • By-laws (including all amendments), if applicable; • Shareholder Agreement (including all amendments), if applicable; • IRS Form 2553 if S-corp treatment elected; and Corporate resolution if authority to complete application not in By-Laws or Shareholder Agreement, as amended, as applicable.

    Submitted via: Upload in NMLS: under Formation Document” in the Document Uploads section of the Company Form (MU1).

  11. Step 11

    Management Chart: Submit a Management chart displaying the applicant’s directors, officers, and managers (individual name and title). Must also identify compliance reporting and internal audit structure. This document should be named [Company Legal Name] Management Chart. Note: If the existing uploaded management chart already includes the above information, an additional document does not need to be uploaded. A company should only upload a single management chart.

    Submitted via: Upload in NMLS: under Management Chart in the Document Uploads section of the Company Form (MU1).

  12. Step 12

    Organizational Chart/Description: Submit a chart showing (or a description which includes) the percentage of ownership of: • Direct Owners (total direct ownership percentage must equate to 100%) • Indirect Owners • Subsidiaries and Affiliates of the applicant/licensee This document should be named [Company Legal Name] Organizational Chart – Description. Note: If the existing uploaded Organizational Chart/Description already includes the above information, an additional document does not need to be uploaded. A company should only upload a single management chart.

    Submitted via: Upload in NMLS: under Organizational Chart/Description in the Document Uploads section of the Company Form (MU1).

  13. Step 13

    Trust Account Authorization: Submit authorization allowing examination of trust accounts used for the purpose of holding funds belonging to others. May require multiple documents when more than one account exists. Upload each account authorization separately. This document should be named [License Type]; [Indicate State]; [last 5 digits of account number]. (eg. Debt Management, MD, xxxxx) .

    Submitted via: Upload in NMLS: under Trust Account Authorization in the Document Uploads section of the Company Form (MU1).

  14. Step 14

    BCA Form: Submit a completed BCA form for each person listed in the Direct Owners and Executive Officers section of the MU1. Click here to access the form.

    Submitted via: NMLS

General information

Who Is Required To Have This License? Any person who receives funds to make mortgage payments to a lender or lenders, on behalf of mortgagors, in order to exceed regularly scheduled minimum payment obligations under the terms of the indebtedness. The term does NOT include: (i) persons or entities as described in Minnesota Statutes Section 332A.02, subdivision 8, clauses (1) to (8); (ii) mortgage lenders or servicers, industrial loan and thrift companies, or regulated lenders under Chapter 56; or (iii) persons authorized to make loans under Section 47.20, subdivision 1. See Minnesota Statutes §§ 332.30 to 332.303. Activities Authorized Under This License This license authorizes the following activities… • Bi-weekly payment processing services Pre-Requisites for License Applications • None Minnesota Department of Commerce will not issue paper licenses for this license type.

Other Minnesota mortgage licenses

Sourced from the NMLS/CSBS state licensing record, last updated September 25, 2025. Requirements change — confirm against the state agency before filing. Not legal advice.

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