Maryland Mortgage Education
EasyRealEstateSchool.com offers these Maryland mortgage education courses in conjunction with MortgageEducation.com. All the mortgage education courses are NMLS-approved and will satisfy all the required education hours for your state. Should you have any questions please feel free to contact MortgageEducation.com.
All new applicants who wish to apply for a Mortgage Loan Originator license in Maryland must complete and submit Form MU4 through NMLS. This includes those new to the industry and those who have previously originated in the industry without a Maryland Mortgage Loan Originator license pursuant to an exemption. Recent legislation eliminated certain exemptions and those previously originating under such exemptions must obtain a mortgage loan originator license.
Applicants must mail the applicable Maryland specific documents detailed on the checklist to: Commissioner of Financial Regulation, Attn: Licensing Unit, 500 N. Calvert Street, Suite 402, Baltimore, MD 21202. The Maryland Commissioner of Financial Regulation will notify the applicant with respect to deficiencies found on its review of the submission.
NOTE: If you have submitted Form MU4 in another state, then you do not need to re-enter your record into NMLS. You will only need to identify the appropriate license in Maryland and complete a few state specific fields.
Who is required to have this license?
An individual who for compensation or gain, or in the expectation of compensation or gain:
- Takes a loan application; or
- Offers or negotiates terms of a mortgage loan.
Who does not need this license?
An individual who:
- Acts solely as a mortgage loan processor or underwriter.
- Performs only real estate brokerage activities and is licensed in accordance with Title 17 of the Maryland Business Occupations and Professions Article, unless the individual is compensated by a mortgage lender, a mortgage broker, other mortgage loan originator or by any agent of a mortgage lender, mortgage broker or other mortgage loan originator.
- Is involved solely in extensions of credit relating to timeshare plans, as that term is defined in 11 U.S.C. § 101(53d).
- Is an independent contractor (independent contractors, except for those qualifying for an affiliated insurance producer-mortgage originator license, must be licensed as a mortgage lender under Md. Code Ann., Fin. Inst. § 11-501 et seq.).
- Is a registered mortgage loan originator, when acting for an entity described in Md. Code Ann., Fin. Inst. § 11-601(w).
- Offers or negotiates the terms of a mortgage loan with or on behalf of an immediate family member of the individual.
- Offers or negotiates the terms of a mortgage loan secured by a dwelling that served as the individual’s residence.
- Is a licensed attorney who negotiates the terms of a mortgage loan on behalf of a client as an ancillary matter to the attorney’s representation of the client, unless the attorney is compensated by a mortgage lender, a mortgage broker, a mortgage loan originator, or by an agent of a mortgage lender, mortgage broker, or mortgage loan originator.
- An individual loan servicer: NOTE: The individual loan servicer exemption is subject to modification by regulations that are adopted by the Maryland Commissioner of Financial regulation and consistent with any applicable written interpretations of the federal S.A.F.E. Act by the United States Department of Housing and Urban Development presented through commentaries, guidelines, rules, regulations, or interpretive letters.
Pre-requisites for license applications?
- No revocations of a mortgage loan originator license in any jurisdiction.
- No convictions of, guilty or nolo contendere pleas –
- to a felony of any kind in a domestic, foreign or military court during the 7-year period preceding the date of the application for licensing.
- to a felony involving an act of fraud, dishonesty, breach of trust, or money laundering, in a domestic, foreign or military court at any time preceding the date of the application.
- Financial Responsibility.
- Pre-licensing education and testing. Note that the NMLS-approved test for Maryland new licensees is not yet available. The test is expected to be available in 2010 and the applicant will be notified at that time to successfully complete the testing.
- Applicant must demonstrate character and general fitness sufficient to command the confidence of the community and to warrant a determination that the applicant will operate as a mortgage originator in a lawful, honest, fair, and efficient manner.
- Criminal background check—State and Federal
For more information about the actual course please visit Mortgage Education Course FAQ’s.
Maryland State Requirments
SAFE ACT Requirements
- SAFE MLO Test – Interim or previously exempt licensees must pass the National and State Components of the SAFE MLO Test by 7/31/2010. Existing licensees must pass the National and State Components of the SAFE MLO Test by 12/31/2010.
- Criminal Background Check – Interim or previously exempt licensees must submit fingerprints through NMLS for a criminal background check by 7/31/2010. Existing licensees must submit fingerprints through NMLS for a criminal background check by 12/31/2010.
- Credit Report – Interim or previously exempt licensees must authorize a credit report through NMLS by 7/31/2010. Existing licensees must authorize a credit report through NMLS by 12/31/2010.
Maryland Mortgage Education Requirements
- SAFE Act Pre-License (Required courses – SAFE CORE 8 hours) – Interim or previously exempt licensees must complete 20 hours of NMLS approved pre-licensure education, including 5 hours of MD specific, by 7/31/2010. Existing licensees must complete 20 hours of NMLS approved pre-licensure education, including 5 hours of MD specific, by 12/31/2010. State approved courses will no longer be accepted after 1/1/2010.
- SAFE Act Continuing Education (Required courses – SAFE CORE 7 hours) – All licensees must take 8 hours of NMLS approved continuing education in 2010 in order to renew for 2011, unless PE was completed in 2010. This course should be taken Yearly by 12/31.
- Certification (Education) – Currently licensed MLOs who have completed at least 20 hours of MD State approved education on or before 1/1/2010 may be eligible to participate in the PE certification process and may not need to take the NMLS approved pre-licensure education. Refer to your state agency for more information.
For more information about the actual course please visit Mortgage Education Course FAQ’s.