mms_q_a

							                       Minnesota Mortgage Specialist Q&A
What is the Minnesota Mortgage Specialist (MMS) designation?
The Minnesota Mortgage Specialist designation is the title given by the Minnesota Association of
Mortgage Brokers, Inc. (MAMB) to Minnesota mortgage professionals who choose to distinguish
themselves as well-educated, ethical operators by annually participating in continuing education
pertaining to industry law and ethics.

When was the MMS designation developed and why?
The MMS designation was developed in 1999 by MAMB in response to the need for a tool to increase
the level of education and professionalism of individual mortgage industry practitioners.

What are the MMS requirements?
MMS designees must:
  1. Be a MAMB member with a two year proven history in the industry.
  2. Any individual with less than five years experience in the industry must attend MAMB’s
      Residential Mortgage Lending (RML) School or an equivalent and complete requirements 1-7.
      Any individual with more than five years of experience in the industry is eligible to take the MMS
      by completing requirements 3-7.
  3. Complete the MAMB Minnesota Law course or an equivalent.
  4. Complete the NAMB Ethics course or an equivalent.
  5. MN Law and Ethics must both be completed two years within to receiving the MMS designation.
  6. Pass the 50 question proctored exam with a minimum passing score of 75%.
  7. Apply for the designation and pay the required fee of $75 for MAMB members and $150 for non-
      members.
MMS designees maintain their designation by participating in six hours of continuing education per
calendar year, beginning the year following the receipt of the designation. Such continuing education
includes MAMB-sponsored classes and educational breakfast meetings, as well as other related
industry courses as approved by MAMB.

How many people have the MMS designation?
Currently, over 70 individuals have completed the necessary requirements to earn their MMS designation.

How is this related to the issue of individual licensing of mortgage loan originators?
Minnesota law currently does not require individual mortgage loan originators to hold a license.
Mortgage company owners are required to hold a license in order to operate their businesses, but their
employees – the people who work with consumers to make loan arrangements – are not required to be
licensed.

What is MAMB’s position on the lack of State licensure?
MAMB supports any effort to raise the level of professionalism in the Minnesota mortgage industry and
therefore urges the State legislature to consider licensing.

What has MAMB done to support individual licensing?
MAMB is continually in conversation with members and legislators alike to foster understanding of the
necessity of individual licensing. MAMB grassroots support is swelling to all-time highs and each year
MAMB leaders actively participate in the legislative process by lobbying at the capitol to educate
legislators about the many ways in which individual licensing will help protect consumers and raise the
level of education and professionalism in the Minnesota mortgage industry.

What pending legislation will affect individual licensing?
The Legislature has adjourned for the year, but MAMB will be promoting responsibility and
professionalism in future sessions.