Mortgage licensing / Minnesota

Minnesota Residential Mortgage Originator License

company licence · NMLS MNRES_C · DOC

Requirements (16)

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). Minnesota allows only one Other Trade Name per license. Applicants must hold a residential mortgage originator license for each trade name listed in the Other Trade Names section of the Company Form (MU1). If operating under an “Other Trade Name”, upload a copy of the Certificate of Assumed Name(s) filed with the Minnesota Secretary of State regarding ability to do business under that trade name. This document should be named MN Trade Name – Assumed Name. Please indicate the full trade name in the Comments.

   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

   Web Addresses: Types all websites for your company in Web Addresses, including those used to solicit customers. If your company used a trade name on its website(s), you must also list your company’s corporate name on the website(s). Note: Additional licenses may be required if operating under more than one name.

   Submitted via: NMLS

4. Step 4

   Direct Owner/Executive Officers: The individual(s) and person(s) below must be listed in the Direct Owner/Executive Officers section of Company Form (MU1). • Any member of senior management, including owners or officers, and other persons who possess, directly or indirectly, the power to direct or cause the direction of the management policies of the applicant. • All persons who, directly or indirectly, owns, controls, or holds with power to vote 10% or more of the voting stock or power to sell or direct the sale thereof. • Members of the applicant’s governing body • Executive Officers – All partners, members, directors, and principal officers. Note: The applicant’s name as it appears on the Company Form (MU1) must be entered in either the Employment History section or Other Business section of each individual’s MU2 to reflect the individual’s role with the applicant.

   Submitted via: NMLS

5. Step 5

   Indirect Owner: The person(s) below must be listed in the Indirect Officers section of Company Form (MU1). • Corporation - each of the shareholders that beneficially owns, has the right to vote, or has the power to sell or direct the sale of, 25% or more of a class of voting security of that corporation. • Limited Liability Corporation – all elected or appointed managers, if managed by elected or appointed managers, and all members that have the right to receive upon dissolution, or have contributed, 25% or more of the LLC’s capital. • Partnership - all general partners and those limited and special partners that have the right to receive upon dissolution, or have contributed, 25% or more of the partnership’s capital. • Trust -the trust and each trustee

6. Step 6

   Electronic Surety Bond: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement.

   Submitted via: Electronic Surety Bond in NMLS

7. Step 7

   IMPORTANT NEW LAW REQUIREMENTS EFFECTIVE 8/1/2024. Surety Bond Requirements Table: Dollar Amount of Closed Loan Volume Surety Bond Required $0 to $10,000,000 $125,000 $10,000,000.01 to $25,000,000 $150,000 $25,000,000.01 to $100,000,000 $200,000 Over $100,000,000 $300,000

8. Step 8

   Business Plan: Upload a business plan outlining the following information: • Marketing strategies • Products • Target markets • 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).

9. Step 9

   Certificate of Authority/Good Standing Certificate: Applicants must upload the following: • Foreign Corporations or Companies must upload a Certificate of Good Standing from the state in which the applicant was incorporated or organized, (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 applicant’s state of incorporation or organization formation. • Minnesota Corporations or Companies: Upload a Certificate of Authority from the Minnesota Secretary of State. These documents should be named MN 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).

10. Step 10

    Company Staffing and Internal Policies: Upload document(s) including information on staffing and internal organizational policies and procedures. If submitting multiple policies, upload and name each policy separately.

11. Step 11

    Document Samples: Upload the following documents as required by Minnesota law: • Applicants must upload the Affirmation Under Oath. This document should be named MN Affirmation Under Oath. • Workers Compensation Insurance. This document should be named MN Workers Compensation Policy. Provide the declaration page(s) with current dates. Note: If the company has no employees in Minnesota, a letter on company letterhead stating as such must be signed, dated and uploaded into NMLS.

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

12. Step 12

    Formation Documents: Determine classification of applicant’s legal status and submit a State copy of the requested applicable documentation detailed below. Original formation documents and all subsequent amendments, thereto including a list of any name changes. Unincorporated Association: • By-Laws or constitution (including all amendments). 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); 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; and • Corporate resolution if authority to complete application not in By-Laws or Shareholder Agreement, as amended, as applicable. Not for Profit Corporation • Documents requested of a Corporation; and • Proof of nonprofit status • Internal Revenue Service (“IRS”) 501(c)(3) designation letter; or • statement from a State taxing body or the State attorney general certifying that: (i) the entity is a nonprofit organization operating within the State; and (ii) no part of the entity’s net earnings may lawfully benefit any private shareholder or individual; or • entity's certificate of incorporation or similar document if it clearly establishes the nonprofit status of the applicant; or • Any of the three preceding items described, if that item applies to a State or national parent organization, together with a statement by the State or parent organization that the applicant is a local nonprofit affiliate. Trust (Statutory) • Certificate of Trust; and • Governing instrument (all amendments).

    Submitted via: Upload in NMLS: under the Document Type Formation Document in the Document Uploads section of the Company Form (MU1). This document should be named Formation Documentation [Date of Creation (MM-DD-YYYY)].

13. Step 13

    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 the Document Type Management Chart in the Document Uploads section of the Company Form (MU1).

14. Step 14

    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 the Document Type Organizational Chart/Description in the Document Uploads section of the Company Form (MU1).

15. Step 15

    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 MN Mortgage Originator [last 5 digits of account number]. Trust Account information must be completed in NMLS if the licensee holds trust funds (See definition in MN Statute 58.02, subd. 26) in a fiduciary capacity for later distribution pursuant to MN Statute 58.16, subd. 4. The account must be in a financial institution located within the state of Minnesota. YOU MUST CHECK ONE and UPLOAD THIS PAGE INTO NMLS: p Yes or p No Does Company hold funds in a fiduciary capacity?

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

16. Step 16

    Commissioners Criminal Conviction Consent Application: Pursuant to MN Statute 58.125, if applicable, submit this form. Include any applicable supporting documentation and written narratives required by the Application. Use the Mortgage Originator 58.125 form.

    Submitted via: Email to Minnesota Financial Institutions:mortgage.commerce@state.mn.us

General information

Other Minnesota mortgage licenses

• Accelerated Mortgage Payment Provider License
• Mortgage Loan Originator
• Residential Mortgage Originator Exemption
• Residential Mortgage Servicer Exemption
• Residential Mortgage Servicer License
• Student Loan Servicer – Federal Contract
• All 9 Minnesota licenses

Sourced from the NMLS/CSBS state licensing record, last updated September 22, 2025. Requirements change — confirm against the state agency before filing. Not legal advice.