Minnesota Mortgage Licensing
Minnesota offers two different license types, one that covers brokering and lending activity and one to cover servicing. This state does not have a net worth requirement for its licenses but does require a bond of $100,000 for both license types that may be required to be increased depending on your total closed loan volume in MN for the previous calendar year. The Residential Mortgage Originator License application fee is higher than the Residential Mortgage Servicer License. Neither license has a requirement that you have a physical location in the state or a named QI. Minnesota does however, require a separate license for each trade name (DBA) that you are intending to use in the state called a Trade Name License (OTN). A branch application is only needed if your branch office will be located in the state of MN.
| State | License Name | State Fee | Bond Premium Est. | SOS Fee | MLG Processing Fee | Total |
| Minnesota | Residential Mortgage Originator License | $1,100 | $750 | $220 | Call for More Information | $2,070 |
| Minnesota | Residential Mortgage Servicer | $600 | $750 | $220 | Call for More Information | $1,570 |
License: Residential Mortgage Loan Originator License
- Operating Status: Broker/Lender
- Bond Amount: $100,000
- Net Worth: N/A
- Brick & Mortar: No
- Financial Type: N/A
Residential Mortgage Originator License
Fairly simple application. MN requires a high bond amount required $100,000. MN does not require a Qualified Individual. Note to branches: Branch application is ONLY needed if your branch office will be located in MN.
License: Residential Mortgage Servicer License
- Operating Status: Servicer
- Bond Amount: $100,000
- Net Worth: N/A
- Brick & Mortar: No
- Financial Type: N/A
For more information or to speak to a representative for your state
call us today at 866-576-7726
**Fees & terms are subject to change without notice.**