1 Hour MN SAFE: Minnesota Mortgage Regulations

​​​​​​​Mortgage loan originators licensed under the Minnesota Department of Commerce (DOC) are required to take one hour of Minnesota regulation education every renewal period to keep their licenses in active status. This course includes the DOC mandated topics for annual mortgage licensee renewal.

The first module of this course will summarize the Minnesota Residential Mortgage Originator and Servicer Licensing Act, codified in Minnesota Statute (Minn. Stat.) Section 58. We'll review licenses standards of conduct, disclosure requirements, and permitted fees.

Module 2 will cover licensee prohibited acts and the Commissioner of DOC's authority to examine and investigate licensees.

The last module discusses a licensee's authority to originate residential mortgage loans. We'll review the state maximum interest rate limitations, allowing for loan assumptions, and late fee restrictions.

Topics and Learning Objectives

This course is broken down into several learning topics. At the end of the course a 15-question final exam will be given. The topics included in this course are:

1. Module 1: Minnesota Residential Mortgage Originator and Servicer Licensing Act (15 minutes)
2. Module 2: Prohibited Licensee Conduct (15 minutes)
3. Module 3: Lending Authority for Residential Mortgage Loans (10 minutes)
4. Final exam (10 minutes)

Total study time: 1 credit hour 

This course will prepare Minnesota DOC-licensed MLOs to:

• Identify a licensee's surety bond amount based on quarterly volume
• Describe various standards of conduct that licensees must comply with
• Recognize the disclosure requirements when maintaining a trust account
• Outline the duties when in an agency relationship with a borrower
• Identify restrictions on certain types of fees and charges
• Review requirements for proper advertisement standards
• Identify various prohibited acts that do not meet a licensee's standard of conduct
• Discuss the DOC's authority to conduct examinations and the authority of the Commissioner
• Describe the acts that constitute mortgage fraud and the penalties for mortgage fraud conviction
• Review the general authority granted to mortgage providers.
• Identify the maximum interest rate and late fees amounts permitted by statute.
• Describe the requirements that allow conventional loan assumptions by another party.
• Review loan and escrow provisions that lenders must comply with.

NMLS ID Required

You must have an NMLS ID to receive credit for this course. You will need this number before you begin the course.

If you already have an NMLS ID but don't remember what it is:

• Login into NMLS
• Click on the Composite View tab.
• Click View Individual on the sub-header row.
• The number that appears in parentheses after your name is your NMLS ID number.

If you do not have an NMLS ID and need to obtain one, use the instructions available in the NMLS Resource Center.