Overview:
Maryland is transitioning to the NMLS over an 18-month period from July 1, 2009 to December 31, 2010. This extended period is designed to enable licensees to transition at the time of expiration of their current licenses. Maryland previously issued two-year licenses on a rolling basis through December 31, 2008. By providing this 18-month transition, Maryland seeks to minimize disruption for those operating with licenses issued prior to December 31, 2008.
As part of the transition process, Maryland will also review the transitioning license for renewal (see checklist which details the documentation that MUST be submitted) and if approved, the license expiration date will be extended to December 31, 2010.
Additionally, during this transition, the process of association between Mortgage Lender licensees and Mortgage Loan Originator licensees (sponsorship) must be completed on the Maryland website. Details are provided below.
Click to link to the section of the plan applicable to you. Licensees should also consult Maryland License Descriptions and Checklists.
Mortgage Lender
Mortgage Loan Originator
Insurance Producer
Current Mortgage Lender Licensees
Overview:
Current Mortgage Lender licensees are transitioning to the NMLS on/before the expiration of their licenses. Companies and/or individuals holding a Mortgage Lender license in the State of Maryland with a renewal date on or after July 1, 2009 must complete and submit through NMLS a Form MU1 and a Form MU2 for each control person in order to transition and renew their license.
Additionally, for each branch holding a Maryland Mortgage Lender license with a renewal date on or after July 1, 2009, the company must complete and submit through NMLS a Form MU3 to transition and renew the branch license.
It is important that current licensees have all of their Maryland license numbers available when completing and submitting their MU forms.
Licensees 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 Licensee with respect to deficiencies found on its review of the submission.
Additionally for each transitioning branch renewing in Maryland a Form MU3 must be filed through NMLS. However, the NMLS will NOT accommodate the filing of Form MU3 without identifying the main office (via Form MU1) with which the branch is associated. Therefore, the main office must complete Form MU1 and transition (via renewal) to NMLS BEFORE a branch office can transition. Upon transition, the current Mortgage Lender license for the main office will be extended to the December 31, 2010 expiration pursuant to the normal renewal process and a pro-rated fee will be charged for the additional period.
NOTE: If you have submitted these forms 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.
Fees - General:
The annual Mortgage Lender license fee in Maryland is $1,000 per year. The annual NMLS fee is $100 for a main office and $20 for a branch office. After completion of the licensing process on NMLS, the licensee will pay the fee to NMLS and then proceed to the Maryland website for payment of the Maryland License fee.
Fees – Transition Period:
Maryland - Maryland Mortgage Lender licensees that are transitioning and renewing will receive a license that will expire on DECEMBER 31, 2010. After completion of the licensing process on NMLS, the licensee will pay a processing fee to NMLS and then proceed to the Maryland website for payment of the Maryland License fee. For current licensees, the Maryland payment, for the period from the renewal date through December 31, 2010, will be calculated and charged by the State of Maryland on a pro-rated basis.
NMLS - For companies and individuals renewing a Mortgage Lender license on NMLS, the initial NMLS system processing fee of $100 per Mortgage Lender license and $20 per licensed branch location will be required to be paid electronically through NMLS upon submission.
Amendments:
If a licensee who has not yet transitioned to the NMLS needs to amend its license, the licensee may amend the license using the Maryland website.
If a licensee who has transitioned (or is in the process of transitioning) to NMLS needs to amend its license, the licensee must submit all amendments via the NMLS. Upon transition (and early renewal), the current Mortgage Lender license will be extended to December 31, 2010 expiration pursuant to the normal renewal process and a pro-rated fee will be charged for the additional period.
New Mortgage Lender License Applicants
Overview:
Companies or individuals who wish to apply for a Mortgage Lender License in Maryland must do so by submitting Form MU1 through NMLS along with any applicable Form MU2(s).
Additionally for each branch requesting licensure in Maryland a Form MU3 must be filed through NMLS. The NMLS will NOT accommodate the filing of Form MU3 without identifying the main office (via Form MU1) with which the branch is associated. Therefore, a current Mortgage Lender licensee must complete the MU1 and transition the main office to NMLS (or if applicable, license the main office in Maryland via the NMLS) BEFORE a new branch license can be obtained. The current Mortgage Lender licensee must complete transition of its main office early to accommodate the new branch. Upon transition, the current Mortgage Lender license for the main office will be extended to December 31, 2010 expiration pursuant to the normal renewal process and a pro-rated fee will be charged for the additional period.
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.
Fees:
The annual Mortgage Lender license fee in Maryland is $1,000 per year and the initial investigation fee is $100. The annual NMLS fee is $100 for a main office and $20 for a branch office. After completion of the licensing process on NMLS, the applicant will pay the State license and investigation fees, as well as the NMLS processing fees, electronically through NMLS upon submission.
Current Mortgage Loan Originator Licensees
Overview:
Individuals holding a Maryland Mortgage Originator license are transitioning to the NMLS on/before their license expiration date. As part of the transition process, the licensee will also be renewing that license. These licensees need to complete and submit through NMLS a form MU4 in order to transition and renew the license. In conjunction with renewing the expiring license, you will need to meet the minimum standards under the new Maryland law (S.B. 269 as adopted). The deadlines for meeting certain new standards are subject to specified deferral periods. See New Applications Checklist for details.
Licensees 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 Licensee 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.
Mortgage loan originators can complete and submit Form MU4 themselves or their company can complete Form MU4 and have the mortgage loan originator log in to the NMLS and electronically attest to its accuracy. To confirm who will be entering the required information, mortgage loan originators should consult with their employer before logging into the NMLS and completing a Form MU4.
It is important that current mortgage originators have their current Maryland Mortgage Originator license numbers available when completing and submitting their Form MU4.
Fees – General:
The annual Mortgage Loan Originator license fee in Maryland is $225 per year. The annual NMLS processing fee is $30 per year. After completion of the licensing process on NMLS, the licensee will pay a processing fee to NMLS and then proceed to the Maryland website for payment of the Maryland License fee.
Fees – Transition Period:
Maryland- Mortgage Loan Originator licensees will receive a license that will expire on December 31, 2010. After completion of the licensing process on NMLS, the licensee will pay a processing fee to NMLS and then proceed to the Maryland website for payment of the Maryland License fee. For current licensees, the Maryland payment for the period from the renewal date through December 31, 2010 will be calculated and charged by the State of Maryland on a pro-rated basis.
To complete your application, you will also need to identify and associate with a licensed Mortgage Lender (sponsorship). DURING THE TRANSITION PERIOD THROUGH DECEMBER 31, 2010, THIS ASSOCIATION MUST BE COMPLETED ON THE MARYLAND WEBSITE.
NMLS - For individuals renewing a Mortgage Loan Originator license on NMLS, the initial system processing fee of $30 per Mortgage Loan Originator license will be required to be paid electronically through NMLS upon submission.
Amendments:
If a licensee who has not yet transitioned to the NMLS needs to amend its license, the licensee may amend the license using the Maryland website.
If a licensee who has transitioned (or is in the process of transitioning) to NMLS needs to amend its license, the licensee must submit all amendments via the NMLS. Upon transition (and renewal), the current Mortgage Loan Originator license will be extended to December 31, 2010 expiration pursuant to the normal renewal process and a pro-rated fee will be charged for the additional period.
New Mortgage Loan Originator License Applicants
Overview:
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.
Fees:
The annual Mortgage Loan Originator license fee in Maryland is $225 per year and the initial investigation fee is $100. The annual NMLS processing fee is $30 per year and the Federal criminal background check fee is $39. After completion of the licensing process on NMLS, the applicant will pay the State license and investigation fees, as well as the NMLS processing fee and the Federal criminal background check fee, electronically through NMLS upon submission.
To complete your application, you will also need to identify and associate with a licensed Mortgage Lender. THIS ASSOCIATION MUST BE COMPLETED ON THE MARYLAND WEBSITE.
Interim Mortgage Loan Originator License – THIS LICENSE IS NO LONGER AVAILABLE
An interim license was available to certain mortgage loan originators who were previously exempt from licensing under Maryland law, but who are required to obtain a mortgage loan originator license pursuant to SB 269 as adopted.
To qualify for an interim license, previously exempt individuals must have fallen into one of the following two categories at the time of application: (1) the individual must be employed by a person that makes mortgage loans, is not a mortgage broker, and is a licensed mortgage lender or a person exempt from licensing under Title 11, Subtitle 5 of the Financial Institutions Article, Annotated Code of Maryland; or (2) the individual owns a 25 percent or more interest in a mortgage lender as of July 1, 2009 and as of the date of the application for an Interim license. AN APPLICATION FOR AN INTERIM LICENSE MUST BE RECEIVED BY US NO LATER THAN JULY 31, 2009 TO QUALIFY.
The interim license was created to facilitate licensing for such individuals who wished to continue conducting origination activities on or after July 31, 2009. These individuals must have completed and submit a Form MU4 between June 1 and July 31, 2009; must have completed sponsorship (identification and association with a licensed Mortgage Lender) on the Maryland website on/or before November 30, 2009; and must have submit both the employer acknowledgement statement and an affidavit pertaining to Maryland mortgage origination activity on/or before November 30, 2009. They will receive an interim license, pursuant to which they can continue conducting origination activities while completing certain licensing requirements:
- Fingerprinting/criminal background check;
- Credit check;
- Surety bonding; and
- Prelicensing education/testing.
The interim license precludes the licensee from brokering loans where the former exemption was based upon working for a mortgage lender that does not broker loans (item (1) above). Upon completion of these licensing requirements and approval by the State of Maryland through NMLS, the interim restrictions regarding brokering loans will be eliminated. While the licenses will expire on December 31, 2010, the individual must complete the deferred licensing requirements no later than July 31, 2010.
Current Mortgage Lender Licensees – Insurance Producers
Starting January 1, 2010 all insurance producer Mortgage Lender licensees (under old Md. Code Ann., Fin. Inst. (FI) § 11-506) will need to be licensed as Affiliated Insurance Producers-Mortgage Loan Originators (under new FI § 11-603.1).
Current insurance producer licensees who hold a valid Mortgage Lender license on and after July 1, 2009 may continue to originate mortgages under their Mortgage Lender license until the expiration of the license, or until December 31, 2009, whichever comes first.
For insurance producer Mortgage Lender licenses that expire on or before December 31, 2009, the licensee will not renew, but will apply for the new Affiliated Insurance Producer-Mortgage Loan Originator license.
New Affiliated Insurance Producer-Mortgage Loan Originator License Applicants
Overview:
All applicants who wish to apply for an Affiliated Insurance Producer-Mortgage Loan Originator license in Maryland must complete and submit Form MU4 through NMLS.
NOTE: This is a new license and it CANNOT be transitioned. Any transition filings for this license type will be rejected by the Commissioner.
Affiliated insurance producer-mortgage loan originators should consult with their employer before logging into the NMLS and completing a Form MU4.
Affiliated insurance producer-mortgage loan originators can complete and submit Form MU4 themselves or their company can complete Form MU4 and have the mortgage loan originator log into the NMLS and electronically attest to its accuracy.
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.
Fees:
The annual Affiliated Insurance Producer-Mortgage Loan Originator license fee in Maryland is $700 per year and the initial investigation fee is $100. The annual NMLS processing fee is $30 per year and the Federal criminal background check fee is $39. After completion of the licensing process on NMLS, the applicant will pay the State license and investigation fees, as well as the NMLS processing fee and the Federal criminal background check fee, electronically through NMLS upon submission.