Mortgage licensing / Minnesota

Minnesota Residential Mortgage Servicer License

company licence · NMLS MNRESSERV_C · DOC

Requirements (13)

1. Step 1

   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

2. Step 2

   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: p Yes or p No Does Company hold funds in a fiduciary capacity?

   Submitted via: Upload in NMLS: Upload complete check "Yes" or "No" section of the checklist under the Document Type Trust Account Authorization in the Document Uploads section of the Company Form (MU1).

3. Step 3

   Certificate of Authority/Good Standing Certificate: Upload a certificate of good standing from the state in which the applicant was incorporated or organized that dated not more than 60 days prior to the filing of an application through NMLS.

   Submitted via: NMLS

4. Step 4

   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)].

5. Step 5

   IMPORTANT: NEW Law Requires Mortgage Servicers to have an Electronic Surety Bond or Irrevocable letter of credit effective 8/1/2024. See table below for specifics. NOTE: Minnesota Statutes 2022, section 58.08, subdivision 3, is repealed and no longer is applicable. Each applicant must provide either a surety bond or an irrevocable letter of credit in the amount of at least $125,000. Total Dollar Amount of Closed Residential Mortgage Loans Minimum Required Bond Amount $0 to $10,000,000 $125,000 $10,000,000.01 to $50,000,000 $200,000 Over $50,000,000 $300,000

   Submitted via: Electronic Surety Bond in NMLS OR Upload Irrevocable Letter of Credit in NMLS: under Surety Bonds in the Document Uploads section of the Company Form (MU1),

6. Step 6

   Affirmation Under Oath: Applicants must submit the completed Affirmation Under Oath form.

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

7. Step 7

   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).

8. Step 8

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

9. Step 9

   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.

10. Step 10

    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.

11. Step 11

    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

12. Step 12

    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).

13. Step 13

    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).

General information

Other Minnesota mortgage licenses

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

Sourced from the NMLS/CSBS state licensing record, last updated October 6, 2025. Requirements change — confirm against the state agency before filing. Not legal advice.