Current Company Licensees/Registrants:
Companies holding a residential mortgage originator license or residential mortgage servicer license in Minnesota have until December 1, 2010, to complete and submit through NMLS a Form MU1 for the company and a Form MU2 for each of their control persons.
Additionally, for each branch operating in Minnesota, a company must complete and submit through NMLS a Form MU3 by December 1, 2010.
It is important that current licensees have all of their Minnesota license numbers available when completing and submitting their Form MU1 and Forms MU3.
Any licensee that needs to amend or surrender a license, or other action previously completed in paper form, after October 1, 2010, must complete these actions through NMLS. Paper forms will not be accepted by the Commerce Department after September 15, 2010.
We encourage you to update your information with our office by September 15, 2010, so at the time of transition there will be no pending changes to submit.
NOTE: If you have submitted the MU1 and MU2 forms in another state, then you do not need to re-enter your company record into NMLS. You will only need to identify the appropriate license in Minnesota and complete a few state specific fields.
New Mortgage Loan Originator Requirement:
Mortgage Loan Originators should consult with their employer before logging into the NMLS and completing a Form MU4.
Loan officers in Minnesota have until December 1, 2010, to complete and submit a Form MU4 through the NMLS. Companies employing loan originators are required to Sponsor the loan originator’s license in NMLS. Be advised that the Company MU1, the Branch Location MU3 (when the Loan originator works from a branch) and the Loan originator MU4 must all be submitted prior to the company sponsoring the loan originator’s license.
NOTE: If you have submitted a Form MU4 in another state, then you do not need to re-enter your record into NMLS. You will only need to identify the appropriate license in Minnesota and complete a few state specific fields.
Loan originators can complete and submit Form MU4 themselves or their employer company can complete Form MU4 and have the loan originator log in to the NMLS and electronically attest to its accuracy.
Loan originators must meet the additional requirements listed below by December 1, 2010.
Additional requirements include:
- 20 hours of pre-licensure education or certification
- A Passing Score on both the National and State components of the SAFE Test
- Satisfactory criminal background check including finger prints
- Satisfactory review of a credit report by the Minnesota Department of Commerce
- License Sponsorship in NMLS by your company