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IF YOU ALREADY TRANSITIONED AND ARE CURRENTLY LICENSED IN MD ON NMLS THROUGH 2010, SEE REMINDERS BELOW TO RENEW FOR 2011
- After you transitioned, you received a license that expires on 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.
- Please also note: *Prior to the renewal of your license for the 2011 licensing period, you must have completed ALL the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (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.
IF YOU HAVE NOT TRANSITIONED, PLEASE SEE REMINDERS BELOW TO RENEW FOR 2011
- If you have not already transitioned your license, please do so as soon as possible. Click here to go to the NMLS to start the process to transition.
- 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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Continuing Education Requirements For Managers of the Corporate Office and Each Branch Office of the Mortgage Lender Licensee
COMAR 09.03.06.17 requires the mortgage lender licensee to complete 8 hours of continuing education as a prerequisite to the renewal of the mortgage lender license. In order to renew the license, each "covered employee" (the manager of each corporate office and branch office licensed or required to be licensed by the Commissioner) shall successfully complete at least 8 hours of NMLS approved CE in the licensing period immediately preceding the current renewal period.
For example:
- Mortgage lender license expired May 30, 2010.
- That licensee transitioned to NMLS and received a license that expires December 31, 2010.
- The current renewal period on NMLS is November 1, 2010 to December 31, 2010.
- The licensing period immediately preceding the current renewal period is June 1, 2010 to December 31, 2010.
- Therefore the mortgage lender licensee's covered employee(s) must complete 8 hours of CE between June 1 and December 31 to satisfy the CE renewal requirements of COMAR.
Also please see Maryland's required CE for Mortgage Lenders/Brokers for details. |
If you have any questions you may contact Keisha Whitehall Wolfe, Supervisor of Licensing at 410-230-6362.
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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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