Minnesota Mortgage Loan Originator

What is the primary regulatory agency overseeing mortgage loan originators in Minnesota?

• AMinnesota Real Estate Board
• BMinnesota Department of Commerce
• CMinnesota Department of Banking
• DMinnesota Housing Finance Agency

How many hours of NMLS-approved pre-license education are required for a Minnesota MLO license?

• A16 hours
• B20 hours
• C24 hours
• D30 hours

What type of foreclosure does Minnesota primarily use?

• AJudicial foreclosure only
• BNon-judicial foreclosure by advertisement
• CBoth equally
• DStrict foreclosure

What is the statutory redemption period after a foreclosure sale in Minnesota?

• A30 days
• B90 days
• C6 months
• D12 months

What is the publication requirement for a Minnesota foreclosure by advertisement?

• A2 weeks
• B4 weeks
• C6 consecutive weeks in a newspaper
• DNo publication required

What is the continuing education requirement for Minnesota MLO license renewal?

• A4 hours annually
• B8 hours annually
• C12 hours annually
• D16 hours annually

What is the Minnesota Predatory Lending Act?

• AA federal regulation
• BA Minnesota statute restricting high-cost home loans and prohibiting abusive lending prac…
• CA law applying only to commercial loans
• DA repealed statute

What authority does the Minnesota Department of Commerce have over MLOs?

• AOnly issues warnings
• BCan suspend or revoke licenses, impose fines, conduct examinations, and issue cease and d…
• CCan only refer to Attorney General
• DNo enforcement authority

What background check is required for Minnesota MLO applicants?

• AOnly credit check
• BFingerprinting, FBI criminal background check, and credit report through NMLS
• COnly state criminal check
• DNo check required

What pre-foreclosure notice must Minnesota lenders provide to borrowers?

• ANo notice required
• BA notice at least 5 weeks before the first publication date, including cure information a…
• COnly 10-day notice
• D90-day notice

Can a lender pursue a deficiency judgment after foreclosure by advertisement in Minnesota?

• AYes, always
• BNo, Minnesota generally prohibits deficiency judgments after foreclosure by advertisement
• COnly for commercial
• DOnly with consent

What is the usury law impact on Minnesota first-lien mortgage rates?

• ACaps at 6%
• BCaps at 8%
• CFederal preemption removes the state cap for first-lien residential mortgages
• DNo usury laws

What trust account requirements apply to Minnesota mortgage licensees?

• ANot required
• BMust maintain trust accounts in FDIC-insured institutions, separate from operating funds
• CCan combine with operating funds
• DOnly banks need them

Under the Minnesota Predatory Lending Act, what practices are prohibited?

• AFixed-rate mortgages
• BEquity stripping, loan flipping, excessive fees, and financing of credit insurance premiu…
• CProperty appraisals
• DAll adjustable-rate mortgages

What disclosures are required for Minnesota mortgage borrowers?

• ANo state-specific disclosures
• BFederal TRID disclosures plus Minnesota-specific disclosures about foreclosure rights and…
• COnly verbal disclosures
• DOnly HUD-1

Minnesota's fair lending laws prohibit discrimination based on which classes?

• AOnly federal classes
• BRace, color, creed, religion, national origin, sex, marital status, familial status, disa…
• COnly race and gender
• DOnly income

What restrictions does Minnesota place on prepayment penalties?

• AAlways allowed
• BGenerally restricted or prohibited on residential mortgage loans
• CCapped at 10%
• DOnly after 5 years

What happens to an MLO license if not renewed by December 31 in Minnesota?

• AAutomatic extension
• BLicense expires and MLO must cease origination activities
• CConverts to temp permit
• DGrace until March 31