Please keep in mind you must first transition AND then renew your license for 2011 on NMLS by December 31, 2010.
#1. Please transition your license now or as soon as possible to NMLS. Your license must be transitioned by December 31, 2010.
#2. After you transition your license to NMLS, you must ALSO renew your transitioned license between November 1, 2010 and December 31, 2010 for the 2011 licensing period.
When you transition your license, your new license will expire December 31, 2010. You should transition now because starting November 1, 2010 the NMLS renewal window opens, and you have to renew your license on NMLS so that you may continue to conduct business in 2011. However, before you can renew for 2011, you must have completed your transition to NMLS. Renewal of your license can only be done through the NMLS.
MLOs must meet new standards of the SAFE Act including prelicensure education, criminal background check, credit report check, and testing (both National and State). You may view these requirements on the MLO Transitioning Checklist at the NMLS website. Additionally, prior to September 30, 2010, you may qualify for education certification which allows you to use prior education to qualify for the license without taking additional education. See Mortgage Licensing Update #19 on the Maryland website for details. MLs must satisfy, among other requirements, the minimum net worth requirement, bond requirement, etc. You may view all the requirements on the ML Transitioning Checklist at the NMLS website.
If you have any questions you may contact Anne E. Ecker, Director of Licensing at 410-230-6102 or Keisha Whitehall Wolfe, Supervisor of Licensing at 410-230-6362.
TRANSITION NOW AND RENEW YOUR TRANSITIONED LICENSE STARTING NOVEMBER 1ST IN ORDER TO CONTINUE CONDUCTING BUSINESS IN 2011!!!
Department of Labor, Licensing and Regulation, Office of the Commissioner of Financial Regulation, 500 N. Calvert Street, Suite 402 - Baltimore, Maryland 21202-3651 - (410) 230-6155If you would like to subscribe to our newsletter, please enter your e-mail below.