Certificate of Good Standing
The licensee must be in good standing with the Maryland State Department of Assessment and Taxation (SDAT). The Agency will confirm good standing on the SDAT website. However, if the licensee is not listed in good standing on the website, the licensee must provide a current Certificate of Good Standing, which was issued by SDAT.
Each licensee is required to maintain surety bond coverage. The amount is based on the aggregated volume of Maryland mortgage business conducted in the preceding 12 months by the MU1 and MU3 locations. The surety bond coverage shall be at least:
- $50,000 if volume is $3,000,000 or less
- $100,000 if volume is $3,000,000.01 - $10,000,000
- $150,000 if volume is $10,000,000.01 or more
Generally, each MU1 and MU3 location is covered by a separate bond, but all locations will have the same bond amount.
For example, a licensee has three locations which conducted the following Maryland mortgage business during the past 12 months:
Location A - $1,000,000 of Maryland mortgage business
Location B - $0 of Maryland mortgage business
Location C - $4,000,000 of Maryland mortgage business
Licensee's volume of business: $1,000,000 + $0 + $4,000,000 = $5,000,000
Location A = $150,000 bond
Location B = $150,000 bond
Location C = $150,000 bond
**However, if a licensee files 5 or more renewal applications at the same time, the licensee may provide a blanket surety bond for all offices in the amount of $750,000.
To satisfy this requirement, the licensee should:
- provide a copy of the continuation certificate IF NO CHANGES or
- provide bond rider( with wet signatures) amending bond amount IF NECESSARY.
If you have any questions you may contact or Keisha Whitehall Wolfe, Director of Licensing at 410-230-6362.
Division of Financial Regulation
Maryland Department of Labor, Licensing and Regulation
500 North Calvert Street, Suite 402
410-230-6155 | Office 410-333-0475 | Fax
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