License exemptions for residential mortgage originators amended

A new law will update and modify statutes governing residential mortgage originators and mortgage loan originator licensing as it relates to manufactured home dealers and their salespeople.

The law will exempt manufactured home dealers dealers and salespeople who work for manufactured home dealers from licensing requirements, so long as they:

• do not receive greater compensation for a home sale involving a loan than they will receive for the sale without a loan;

• disclose in writing any lender affiliation, as well as provide the name of an unaffiliated lender; and

• do not engage with either lender or borrower in negotiating loan terms.

The law, sponsored by Rep. Mike Sundin (DFL-Esko) and Sen. Gary Dahms (R-Redwood Falls), takes effect Aug. 1, 2019.

HF990*/SF934/CH58

HF0990* / SF0934 / CH58