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  Issue XLII    November 9, 2012  
In This Issue
Actions You Can Take Now For Renewal
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Exempt Mortgage Lenders License Renewal Reminders

2013 NMLS STREAMLINED RENEWAL PROCESS

 

The 2013 NMLS Streamlined Renewal Process begins November 1st and ends December 31st. A Renewal Handbook is located on the NMLS Resource Center to help guide you through the process. All records in NMLS should be reviewed and confirmed as up to date prior to the beginning of the renewal period.  

 

 

Actions you can take now:

 

  1. Update your record prior to the start of the NMLS Streamlined Renewal Process.
    1. Log into NMLS, and confirm that your NMLS record is up-to-date.
    2. Failure to update your record will prevent submission of your renewal request.
  2. Confirm licensee is in good standing with the State Department of Assessments and Taxation of Maryland.
  3. Review the tools and resources and requirements for renewal in the Renewals Overview section of the NMLS Resource Center.

Senate Bill 302 (SB302)* Terminates Certain Exemptions - Effective January 1, 2013

 

  • Affiliates and subsidiaries of federally chartered institutions are currently exempt from licensing under the Maryland Mortgage Lender Law.  However, effective January 1, 2013, affiliates and subsidiaries of federally chartered institutions will no longer be exempt from the Maryland Mortgage Lender Law and must be licensed as Maryland Mortgage Lenders to conduct Maryland mortgage lending business, unless another exemption applies.  

 

  • The Maryland Mortgage Lender Law currently has a de minimis exemption for a person who makes three or fewer mortgage loans per calendar year or a broker who makes no more than one mortgage loan per year.  However, effective January 1, 2013, the Maryland Mortgage Lender Law will no longer have a de minimis exemption and persons who conduct Maryland mortgage lending business must be licensed as Maryland Mortgage Lenders, unless another exemption applies.

 

See the State Licensing Requirements on the NMLS Resource Center for guidance regarding the submission of the Maryland Mortgage Lender License request.

 

*To view SB302, visit the Maryland General Assembly website, select "Prior Session Information", select 2012 Bills from the table, then enter "SB302" and submit.

 

More Information

For any questions or more information, you may contact Keisha Whitehall Wolfe, Director of Licensing at 410-230-6362 or via email at kwhitehallwolfe@dllr.state.md.us.

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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