| "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 Minn. Stat. § 332A.02, subd. 8, clauses (1) to (8); (ii) mortgage lenders or servicers, industrial loan and thrift companies, or regulated lenders under Minn. Stat. Chapter 56; or (iii) persons authorized to make loans under Minn. Stat. § 47.20, subd. 1. See Minn. Stat. §§ 332.30-.303. Minnesota Department of Commerce Review Accelerated Mortgage Payment Provider
Individuals and business who intend to engage in accelerated mortgage payment provider activities register with NMLS.
Apply
Accelerated mortgage payment provider (AMPP) license are required to use the NMLS.
Please read Minnesota Statute §332.30 to 332.303.
Renewal
AMPP licensees are perpetual; however, licensees must renew through NMLS by December 31 of each year.
Transition Letter (.pdf), August 3, 2016
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Mortgage
2019 Temporary Authority to Operate for Mortgage Loan Originators (.pdf)
2018 Supervisory Guidance to Mortgage Industry (.pdf)
2017 Supervisory Guidance to Mortgage Industry (.pdf)
Legislative Changes to Minn. Stat. Chapter 58A
Minnesota adopts the Uniform State Test and requires one hour of state specific continuing education. Read the memo for more information. (.pdf)
Requirements Checklist
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