Minnesota Mortgage Broker Requirements

Mortgage brokers (mortgage originators) in Minnesota are licensed and regulated by the Minnesota Department of Commerce.

Mortgage brokers seeking a Minnesota mortgage license are not required to maintain a physical office within the state of Minnesota, but must register with the Secretary of State to transact business as a foreign corporation. Applicants must maintain a surety bond in the amount of $25,000. No education is required for Minnesota mortgage brokers.

Minnesota Mortgage Licensing Fees

The state of Minnesota charges $850 for an initial application fee. A licensing fee of $425 is charged during the last 12 months of a two year term. The next two year term expires in June of 2007.

For complete assistance on your Minnesota Mortgage License, call American Mortgage Licensing to start your project today, 866.588.6600.