Is Minnesota a Title State or an Attorney State?
Minnesota is a title state. Title companies typically handle the closing, and state law allows licensed professionals other than attorneys to provide closing services, so an attorney is not required.
State Guides
Minnesota loan processing.
What brokers and loan officers should know about closings and property rules in Minnesota, and how Hancock Processing works your files there.
Is Minnesota a Community Property State for Mortgages?
No. Minnesota is not a community property state, but state law requires both spouses' signatures on a mortgage of a married owner's homestead, so a non-borrowing spouse generally signs a refinance or home-equity mortgage on the home the couple lives in. A mortgage used to buy the home is the exception: the purchasing spouse can sign it alone.
Does Minnesota Require a Net Tangible Benefit to the Borrower?
Yes. Minnesota law bars making or arranging a home loan that doesn't give the borrower a reasonable, tangible net benefit, considering the terms of the new and refinanced loans, the cost of the new loan and the borrower's circumstances. The borrower's circumstances at application must be documented in writing and signed by the borrower before closing, and banks, savings banks and credit unions are exempt.
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Minnesota
Hancock Processing services in Minnesota
What Loan Types Does Hancock Processing Handle in Minnesota?
All of them. We process every loan type we offer in Minnesota, including conventional, FHA, VA, USDA, jumbo, Non-QM and DSCR loans, from the Twin Cities metro to Rochester, St. Cloud and Duluth.
Can Hancock Processing work files anywhere in Minnesota, not just the Twin Cities?
Yes. We process loans statewide in Minnesota and coordinate with the title company handling each closing.
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