Mortgage Licensing Update - Office of the Commissioner of Financial Regulation - E-News from the Department of Labor, Licensing and Regulation
Volume XV E-news from Maryland Department of Labor, Licensing and Regulation May 2010
Mortgage Loan Originators:  Deadlines are Quickly Approaching

Mortgage Loan Originators
Deadlines are Quickly Approaching!

The information below details requirement deadlines for both Mortgage Loan Originators (MLOs) who were “approved deficient” and must satisfy these license requirements by July 31, 2010 and for MLOs who were “approved conditional” and must satisfy these license requirements by December 31, 2010.

MLO Licensees Who Were "Approved Deficient"
"Approved deficient” licensees were previously exempt from licensing, and applied for an interim license by July 31, 2009. Licensees in this category must complete ALL licensure requirements by July 31, 2010. If requirements are not satisfied by the deadline, you may be at risk for a potential enforcement action(s) and the Agency will NOT allow you to renew in 2010 for the 2011 license.

Requirements

Deadlines

Pre-Licensing Education 20 hours

Find out more detailed information regarding PE Education requirements

Please note that an MLO who completes PE through classes or the certification of Maryland PE will NOT be required to complete continuing education ("CE") during 2010 in preparation for the 2011 Maryland license renewal. However, although Maryland does not require CE for the renewal of your license for 2011, if you are licensed in multiple States, other States may require completion of CE in 2010 before you may be issued a license in 2011 in that State.
7/31/2010
Testing

Licensees "approved deficient" must pass both the National and Maryland State Components of the SAFE MLO Test. Please allow sufficient time to take and pass the test.

Find out more detailed information regarding testing: (Mortgage Licensing Update #10)
7/31/2010
Federal Criminal Background Check

Provide fingerprints for use via National Mortgage Licensing System (NMLS) process.

Find out more detailed information regarding fingerprinting requirements: (Mortgage Licensing Update #11)

Additional information concerning federal criminal background check processing can be found on the NMLS Resource Center under Professional Requirements.

If you have questions or need assistance in scheduling an appointment, please call NMLS at 240-386-4444.
7/31/2010
State Criminal Background Check

Provide fingerprints for use outside NMLS.

Find out more detailed information regarding fingerprinting: (Mortgage Licensing Update #11)
7/31/2010
Credit Report

Pursuant to the Federal SAFE Mortgage Licensing Act, a MLO who applies for a license authorizes the Commissioner to acquire and review his/her credit report.
7/31/2010

MLO Licensees Who Were "Approved Conditional"
"Approved Conditional" licensees were licensed prior to July 1, 2009 and are transitioning to NMLS in conjunction with their renewal Licensees in this category must complete ALL licensure requirements by December 31, 2010. If requirements are not met by the deadline, you may be at risk for a potential enforcement action(s) and this Agency will NOT allow you to renew in 2010 for the 2011 license.

Requirements

Deadlines

Pre-Licensing Education 20 hours

Find out more detailed information regarding PE Education requirements

Please note that an MLO who completes PE through classes or the certification of Maryland PE will NOT be required to complete continuing education ("CE") during 2010 in preparation for the 2011 Maryland license renewal. However, although Maryland does not require CE for the renewal of your license for 2011, if you are licensed in multiple States, other States may require completion of CE in 2010 before you may be issued a license in 2011 in that State.

Find out more detailed information regarding pre-licensing education certification: (Mortgage Licensing Update #13)
9/30/10:
*Need to complete certification of PE

12/31/10:
All others not certifying PE
Testing

Licensees "approved conditional" must pass both the National and Maryland State Components of the SAFE MLO Test. Please allow sufficient time to take and pass the test.

Find out more detailed information regarding testing: (Mortgage Licensing Update #10)
12/31/2010
Federal Criminal Background Check

Current licensed MLOs, licensed pursuant to a previous background check have been approved based on that prior submission. HOWEVER, the SAFE Act still requires you to submit fingerprints to NMLS and request a federal criminal background check, but you DO NOT have to complete an additional Maryland State check.

Find out more detailed information regarding fingerprinting requirements: (Mortgage Licensing Update #11)

Additional information concerning federal criminal background check processing can be found on the NMLS Resource Center under Professional Requirements.

If you have questions or need assistance in scheduling an appointment, please call NMLS at 240-386-4444.
12/31/2010
Credit Report

Pursuant to the Federal SAFE Mortgage Licensing Act, a MLO who applies for a license authorizes the Commissioner to acquire and review his/her credit report.
12/31/2010

Please note, the applicant/licensee is fully responsible for all of the requirements of the license for which they are applying. To facilitate application through the NMLS, the jurisdiction specific requirements contained herein are for guidance only. Should you have questions, please consult legal counsel.

For more information – Contact NMLS at 240-386-4444 for questions pertaining to the NMLS. Contact the Maryland Commissioner of Financial Regulation licensing staff by phone at 410-230-6155 or 888-784-0136 for further assistance regarding Maryland specific requirements.
 

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Department of Labor, Licensing and Regulation, Office of Commissioner of Financial Regulation
500 N. Calvert Street, Suite 402 - Baltimore, Maryland 21202 - (410) 230-6155
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