Licencia: Accelerated Mortgage Payment Provider

Minnesota Department of Commerce Licensing Unit sitio externo

85 7th Place East, Suite 600

St. Paul, MN 55101-3165

(651) 296-6319

"Accelerated mortgage payment providers" are persons who receives funds to make mortgage payments to a lender or lenders, on behalf of mortgagors, in order to exceed regularly scheduled minimum payment obligations under the terms of the indebtedness. The term does not include: (i) persons or entities as described in <a href="https://www.revisor.mn.gov/statutes/cite/332A.02" xmlns="http://www.w3.org/1999/xhtml">Minn. Stat. § 332A.02</a>, subd. 8, clauses (1) to (8); (ii) mortgage lenders or servicers, industrial loan and thrift companies, or regulated lenders under <a href="https://www.revisor.mn.gov/statutes/cite/56" xmlns="http://www.w3.org/1999/xhtml">Minn. Stat. Chapter 56</a>; or (iii) persons authorized to make loans under <a href="https://www.revisor.mn.gov/statutes/cite/47.20" xmlns="http://www.w3.org/1999/xhtml">Minn. Stat. § 47.20,</a> subd. 1. See <a href="https://www.revisor.mn.gov/statutes/cite/332" xmlns="http://www.w3.org/1999/xhtml">Minn. Stat. §§ 332</a>.30-.303. Minnesota Department of Commerce <p style="font-size: 9pt; font-family: Arial;" xmlns="http://www.w3.org/1999/xhtml"><strong style="font-size: 10pt;">Review </strong><a href="https://mn.gov/commerce/industries/financial-institutions/mortgage/#1" style="font-size: 10pt;"><strong>Accelerated Mortgage Payment Provider</strong></a></p> <p style="box-sizing: border-box; margin-bottom: 12px; color: rgb(51, 51, 51); font-family: "Open Sans", "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 13px;" xmlns="http://www.w3.org/1999/xhtml">Individuals and business who intend to engage in accelerated mortgage payment provider activities register with <a href="https://mortgage.nationwidelicensingsystem.org/Pages/default.aspx">NMLS</a>.</p> <h4 style="box-sizing: border-box; font-family: Arial; line-height: 1.1; color: rgb(51, 51, 51); margin-top: 0px; margin-bottom: 9px; font-size: 9pt;" xmlns="http://www.w3.org/1999/xhtml"><strong>Apply</strong></h4> <p style="box-sizing: border-box; margin-bottom: 12px; color: rgb(51, 51, 51); font-family: "Open Sans", "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 13px;" xmlns="http://www.w3.org/1999/xhtml">Accelerated mortgage payment provider (AMPP) license <a href="https://mortgage.nationwidelicensingsystem.org/Pages/default.aspx" title="are required to use the NMLS" style="box-sizing: border-box; background: transparent; color: rgb(0, 56, 101);">are required to use the NMLS</a>.</p> <p style="box-sizing: border-box; margin-bottom: 12px; color: rgb(51, 51, 51); font-family: "Open Sans", "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 13px;" xmlns="http://www.w3.org/1999/xhtml"><a href="https://www.revisor.mn.gov/statutes/?id=332" title="Please read Minnesota Statute §332.30 to 332.303" style="box-sizing: border-box; background: transparent; color: rgb(0, 56, 101);">Please read Minnesota Statute §332.30 to 332.303</a>.</p> <h4 style="box-sizing: border-box; font-family: Arial; line-height: 1.1; color: rgb(51, 51, 51); margin-top: 0px; margin-bottom: 9px; font-size: 9pt;" xmlns="http://www.w3.org/1999/xhtml"><strong>Renewal</strong></h4> <p style="box-sizing: border-box; margin-bottom: 12px; color: rgb(51, 51, 51); font-family: "Open Sans", "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 13px;" xmlns="http://www.w3.org/1999/xhtml">AMPP licensees are perpetual; however, licensees must renew through NMLS by December 31 of each year.</p> <p style="box-sizing: border-box; margin-bottom: 12px; color: rgb(51, 51, 51); font-family: "Open Sans", "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 13px;" xmlns="http://www.w3.org/1999/xhtml"><a href="https://mn.gov/commerce-stat/pdfs/accelerated-mortgage-payment.pdf" title="Transition Letter " style="box-sizing: border-box; background: transparent; color: rgb(0, 56, 101);">Transition Letter</a> (.pdf), August 3, 2016</p> <p style="font-size: 9pt; font-family: Arial;" xmlns="http://www.w3.org/1999/xhtml"><strong style="font-size: 9pt;">__________ <br /> Mortgage</strong></p> <p style="font-family: Arial; font-size: 9pt;" xmlns="http://www.w3.org/1999/xhtml"><a href="https://mn.gov/commerce-stat/pdfs/mlo-temporary-authority.pdf" title="2019 Temporary Authority to Operate for Mortgage Loan Originators">2019 Temporary Authority to Operate for Mortgage Loan Originators (.pdf)</a> <br /> <a href="https://mn.gov/commerce-stat/pdfs/supervisory-guidance-mortgage-industry-2018.pdf">2018 Supervisory Guidance to Mortgage Industry (.pdf)</a> <br /> <a href="https://mn.gov/commerce-stat/pdfs/sweep-mortgage.pdf">2017 Supervisory Guidance to Mortgage Industry (.pdf)</a></p> <p style="font-size: 9pt; font-family: Arial;" xmlns="http://www.w3.org/1999/xhtml">Legislative Changes to <a href="https://www.revisor.mn.gov/statutes/cite/58A">Minn. Stat. Chapter 58A</a></p> <p style="font-size: 9pt; font-family: Arial;" xmlns="http://www.w3.org/1999/xhtml">Minnesota adopts the Uniform State Test and requires one hour of state specific continuing education. <a href="https://mn.gov/commerce-stat/pdfs/legislative-changes-mortgage-originator-servicer.pdf">Read the memo for more information. (.pdf)</a></p> <p style="font-family: Arial; font-size: 10pt;" xmlns="http://www.w3.org/1999/xhtml"><strong style="font-size: 10pt;">Requirements Checklist</strong></p> <ul xmlns="http://www.w3.org/1999/xhtml"> <li style="margin-bottom: 4px; margin-left: -20px;"><a href="https://mortgage.nationwidelicensingsystem.org/slr/PublishedStateDocuments/MN-Accelerated_Mortgage_Payment_Provider_License-Company-New-App-Checklist.pdf">MN Accelerated Mortgage Payment Provider <strong>New Application Checklist (Company)</strong></a></li> <li style="margin-bottom: 4px; margin-left: -20px;"><a href="https://mortgage.nationwidelicensingsystem.org/slr/PublishedStateDocuments/MN-Accelerated_Mortgage_Payment_Provider_License-Company-Amendment-Checklist.pdf">MN Accelerated Mortgage Payment Provider <strong>Amendment Checklist (Company)</strong></a></li> <li style="margin-bottom: 4px; margin-left: -20px;"><a href="https://mortgage.nationwidelicensingsystem.org/slr/PublishedStateDocuments/MN-Accelerated_Mortgage_Payment_Provider_License-Company-Surrender-Checklist.pdf">MN Accelerated Mortgage Payment Provider <strong>Surrender Checklist (Company)</strong></a></li> </ul> None