Broker Requirements:

(1) $850 non-refundable License Application Fee

(2) $50,000 Surety Bond

(3) no educational requirements at this time

(4) no office is requires; however, if out of state, you must register as a Foreign Corporation with Minnesota's Secretary of State (http://www.sos.state.mn.us/home/index.asp?page=18&dc_id=126).

NOTE:A mortgage broke rin the state of Minnesota is referred to as a Mortgage Originator, and may work with both 1st & 2nd mortgages. A person who doesn't make a regular living brokering loans, only produces 3 loans in any 12 month time OR uses their own funds, is NOT required to acquire a license in the state of Minnesota.

Loan Officer Requirements:

Contact Information:

Minnesota Dept of Commerce

85 7th Place E., Suite 500

St. Paul, MN 55101

Phone: 651.282.9855

Fax: 651.296.8591

Contact: Robin Brown, Financial Exams

Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Website:http://www.state.mn.us/license/content.do?mode=license&LicenseID=4814

Map of Minnesota Dept of Commerce: