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Effective 5/11/09 - Maryland
Begins Transition to Nationwide Mortgage Licensing System (NMLS)
and SAFE Act Compliance
What
this means to Loan Originators
-
New and
previously exempt (lender - no brokering) must apply
(provisional license available for previously exempt
-
Apply for
your license using MU-4 through the
NMLS website (Click here)
-
Pay the
Fees to NMLS $225-licensing; $100 Background; $30 NMLS
Registration
-
Option 1 - take the 20 hour Course now and wait for
July 1 to take the test and apply for license
-
Option 2 - take the 40 Hour Course now, apply for
the license, and take the test before the renewal is due in
1/1/2011
What We Do - In-House Loan Originator and Licensing and Skills-Based
Mortgage Education
We work with employers to
help train their employees. Our programs combine
compliance AND job skills. Students receive licensing and
continuing education at the same time they learn critical job
skills like financial analysis, process management and detailed
qualification.
Download Registration Form
(PDF)
Why aren't you on the
Maryland list of approved career schools?
Our courses are approved by
the Division of Financial Regulation. Because we don't
provide training to the general public, we are "exempted" from
registration by Maryland Higher Education. We don't
provide "career opportunity" training, like the other
mortgage training firms, bartender or hairdresser schools.
Because students must be sponsored, our classes are only
attended by individuals who already have employment and have
begun a career in the mortgage industry. This allows us
flexibility like providing classes in multiple locations,
offering success guarantees and employer underwritten payment
arrangements.
Here is the exemption
Here is the
QuickStart/lendertraining.com Course Approval
Who needs to be
Licensed?
Beginning in July, 2009, ALL
non-bank mortgage originators must
be licensed by the Division of Financial Regulation. Here
is a link to the application form. In the past non bank
lenders were exempt, but the Federal SAFE Act ended this.
Click here to apply
with the State of Maryland for your Maryland Mortgage Originator
License.
Should I Wait Until I
Pass the Class to Apply for the Maryland Loan Originator
License?
The application process
takes 30-60 days, including the fingerprints, background check
and administrative processing. If you have an employment
affidavit, don't wait until you finish the class to apply - you
are just delaying your approval. Apply today, then take
the class during the 30 day background check period.
Other Useful Information
Instructions and Information for Maryland Mortgage Originator
Licensing Application Process
MD DLLR Memo Announcing Approved Providers 6/08/2006
Quick Reference Guide for Maryland Lender Law |
