What happens before April 1, 2011?
During Maryland's transition to NMLS, the Office of the Commissioner of Financial Regulation ("Agency") required sponsorship to be completed via the Maryland website and outside the NMLS. However, prior to April 1, 2011, some employers had submitted sponsorship requests for their MLOs both via the Maryland website and via NMLS.
So that the MLO's record is complete and correct via NMLS, the Office of the Commissioner of Financial Regulation either approved or rejected sponsorship requests submitted via NMLS. NMLS submitted sponsorship requests that matched information the Agency had outside NMLS were accepted and all others were rejected. If the NMLS sponsorship request was rejected (or never requested), mortgage lender licensees/registrants should submit sponsorship requests for their Maryland MLO licensees between April 1 and May 15, 2011.
Note: All mortgage lender licensee/registrants should confirm that sponsorship requests have been submitted for all their Maryland licensed MLOs.
What happens between April 1 and May 15?
April 1 - May 15 is a "no penalty" sponsorship maintenance/correction period. The Agency has waived its license amendment fee (note: the NMLS processing fee has not been waived) and certain other penalties. However, mortgage lender licensees/registrants must create a relationship with their MLOs AND submit sponsorship requests for their Maryland licensed MLOs via NMLS.
What happens after May 15, 2011?
After May 15, 2011, any MLO licensee who has not had a sponsorship request submitted via NMLS will be placed in an "approved-inactive" status. The MLO does not have the authority to originate while in the "approved-inactive" license status.
Additionally, sponsorship requests after May 15, 2011 may be subject to Maryland license amendment fees, NMLS processing fees and/or penalties.
For assistance with the submission of a sponsorship request view the NMLS quick guide on the Resource Center or call the NMLS Call Center at 240-386-4444. For specific questions pertaining to Maryland's implementation of the NMLS sponsorship functionality, you may contact Keisha Whitehall Wolfe, Director of Licensing at 410-230-6362 or via email at email@example.com for more assistance.
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.