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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 and renewed by December 31, 2010.
*Prior to the renewal of your license for the 2011 licensing period, you must have completed ALL the SAFE requirements, including 20 hours of prelicensing education, passage of both the national and Maryland specific tests, completion of a federal criminal background check by submission of fingerprints via NMLS, completion of the credit report authorization via NMLS and submission of explanations and applicable supporting documentation for any negative items on the criminal background check, credit report and/or application disclosure questions.
#2. After you transition your license to NMLS, you must then renew your transitioned license between November 1, 2010 and December 31, 2010 for the 2011 licensing period.
If you have not already transitioned your license, please do so as soon as possible. After you transition your license, your new license will expire December 31, 2010. Starting November 1, 2010 the NMLS renewal window opened. Renewal of your license can only be done through the NMLS. Please renew your license on the 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.
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.
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.
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CREDIT REPORT FUNCTIONALITY NOW AVAILABLE ON NMLS!
Pursuant to the Federal SAFE Mortgage Licensing Act, every licensed MLO is required to complete the credit report authorization process through NMLS, prior to the approval of the license for the 2011 licensing period, even if credit information was previously received by the Maryland Office of the Commissioner of Financial Regulation ("Agency").
REMINDER: PLEASE SUBMIT WITH YOUR APPLICATION ALL EXPLANATIONS AND SUPPORTING DOCUMENTATION REGARDING ANY DEROGATORY INFORMATION ON YOUR CREDIT PROFILE. Applicants will not see their credit profile through NMLS, but applicants are responsible for explaining any derogatory information.
The credit report authorized through NMLS is provided by TransUnion�. This Agency recommends that you obtain a free annual credit report from www.annualcreditreport.com prior to beginning your credit report request in NMLS. This will allow you to become familiar with the content of your credit report and resolve any issues prior to the submission of your application to this Agency.
Within five (5) days of the submission of your application via NMLS, along with your other supplemental documentation, forward to this Agency your explanation and supporting documentation for any derogatory information regarding your credit profile. If an explanation is not included with your application, your application may be denied, as it will be deemed incomplete. |
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 IN ORDER TO CONTINUE CONDUCTING BUSINESS IN 2011!!!
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Department of Labor, Licensing and Regulation, Office of the Commissioner of Financial Regulation, 500 N. Calvert Street, Suite 402 - Baltimore, Maryland 21202-3651 - (410) 230-6155
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