Accelerated Mortgage Payment Provider

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"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: Mortgage Accelerated Mortgage 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 NMLS Please read Minn. Stat. § 332.30-303 Renewal AMPP licensees are perpetual; however, licensees must renew through NMLS by December 31 of each year. Transition Letter (.pdf), August 3, 2016 None