Mortgage licensing / Minnesota
Minnesota Residential Mortgage Servicer Exemption
company licence · NMLS MNRESSERVEXEMPT_C · DOC
A company exempt from licensure under Minnesota Statutes Chapter 58.04, subd. 2 must apply for a certificate of exemption. Companies may be exempt from licensing but the individuals servicing loans may be required to be licensed per MN Statue 58A.
Requirements (6)
Step 1
Other Trade Name: DBA’s should be listed under Other Trade Names on the NMLS Company Form. Minnesota does not limit the number of dba’s. Mortgage Servicer’s are prohibited from using more than one trade name, fictitious name or dba for each license obtained. Minnesota DOC requires a separate license for each “Other Trade Name”.Submitted via: NMLS
Step 2
Resident/Registered Agent: The Resident/Registered Agent section of the NMLS Company Form should be completed with the information currently on record with the Minnesota Secretary of State.Submitted via: NMLS
Step 3
Bank Account: Trust Account information must be completed if the licensee holds funds in a fiduciary capacity for later distribution pursuant to MN Statute 58.02, subd. 26. 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: NMLS
Step 4
Qualifying Individual: Minnesota does not require a Qualifying Individual. However, Direct Owners, Executive Officers and Indirect Owners must be listed on the NMLS Company Form.Submitted via: NMLS
Step 5
EXEMPTION CLAIMED. Check one of the boxes below to indicate which exemption you are claiming and in the space below, provide a statement supporting the applicant’s eligibility for the exemption claimed. You must provide supporting documentation for the exemption claimed. You may attach a separate document if additional space is needed. • 58.04, subd. 2(b)(4) Financial Institution • 58.04, subd. 2(b)(8) Exempt by order of the commissioner. ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Submitted via: NMLS
Step 6
Workers Compensation Insurance: This document should be named MN Workers Compensation Policy. – (Full binder is not necessary. Declaration page will suffice) 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: NMLS
General information
IMPORTANT NOTE: Ensure to review all new mortgage company requirements for licensure as amended in Minnesota Statutes Chapter 58 (effective August 1, 2024).
Who may request an Exempt Mortgage Company Registration?
A company exempt from licensure under Minnesota Statutes Chapter 58.04, subd. 2 must apply for a certificate of exemption with the Department of Commerce through NMLS by filing a Form MU1. Examples of companies that may be exempt are subsidiaries of operating subsidiaries of a financial institution that are regulated and subject to active and ongoing supervision by a federal banking agency or the Department of Commerce, industrial loan and thrift companies licensed under Chapter 53, regulated lenders under Chapter 56, or companies exempted by order of the Commissioner of Commerce.
Companies exempt from licensing in Minnesota, but that employ individuals required to be licensed under Minnesota Statutes Chapter 58A, must register their company through NMLS.
Companies registering through NMLS with the Department of Commerce must agree to abide by NMLS requirements, including attesting to the accuracy of the information submitted, agreeing to keep it updated through NMLS, and annually renewing the registration through the NMLS Streamlined Renewal Process. Minnesota does not charge an annual registration fee.
Who is not allowed to maintain an Exempt Mortgage Company Registration?
• Any company required to hold a license under Minnesota Statutes Chapter 58 may not hold an Exempt Company Registration. Such institutions must hold a residential mortgage servicer license.
What are the pre-requisites for registration applications?
• There are no pre-requisites for companies authorized to register as an Exempt Company Registration in Minnesota.
Companies registering with Minnesota must agree to abide by all NMLS policies and use agreements.
Other Minnesota mortgage licenses
- Accelerated Mortgage Payment Provider License
- Mortgage Loan Originator
- Residential Mortgage Originator Exemption
- Residential Mortgage Originator License
- Residential Mortgage Servicer License
- Student Loan Servicer – Federal Contract
- All 9 Minnesota licenses
Sourced from the NMLS/CSBS state licensing record, last updated July 23, 2025. Requirements change — confirm against the state agency before filing. Not legal advice.