The 2014 NMLS Maryland Mortgage Lender Renewal Process begins November 1st and ends December 31st. 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. Annual Financial Statements - outstanding financial statement requirements will prevent a company from submitting a renewal request.
2. Mortgage Call Report - outstanding Mortgage Call Report (MCR) filings will prevent a company from submitting a renewal request.
3. Confirm Continuing Education (CE) requirements have been met.
a. The individual listed as the Maryland Qualifying Individual (on the MU1) and the individual listed as the Branch Manager (on the MU3) must complete 8 hours of NMLS approved continuing education (including 1 hour of instruction on Maryland mortgage-related law).
b. CE requirements are annual and apply to the first renewal of a license.
c. Failure to complete the CE requirements will prevent the approval of the renewal request and may cause the denial of the renewal request.
d. Since it may take as long as seven (7) days for a course provider to report a course completion into NMLS, you are strongly encouraged not to wait until the last minute to try to complete CE.
4. Prepare to upload required documentation on NMLS on Nov. 1st:
a. A notarized affidavit providing the volume of Maryland mortgage loans closed during the last 12 months (upload with bond verification certificate, copy of bond rider or copy of new bond).
b. A Certificate of Good Standing from the State Department of Assessments and Taxation of Maryland.
c. A Bond Verification Certificate (if no changes to bond), updated Bond Rider or new Bond. Note: If an amended bond rider or new bond is uploaded, the original paper bond rider or new bond MUST be mailed/delivered to the Agency.
5. Update your record prior to the start of the NMLS Streamlined Renewal Process.
a. Log into NMLS, and confirm that your NMLS record is up-to-date.
b. Failure to update your record will prevent submission of your renewal request.
6. Review NMLS tools and resources.
a. Requirements for renewal are located in the Renewals Overview section of the NMLS Resource Center.
7. Reinstatement Period - January 1, 2014 to January 30, 2014
a. Lenders that submit renewal applications by December 31, 2013, that are not approved by January 1, 2014, may be permitted to continue to conduct business. If the license reflects an "approved" status, even if the renewal request has not yet been approved, the licensee is authorized to conduct Maryland mortgage business.
b. Lenders that submit renewal applications during the reinstatement period (Jan. 1st to Jan. 30th) must cease conducting business until the renewal application is approved. If the licensee is required to submit a renewal request and the renewal request is NOT submitted by December 31, 2013, the license status will automatically be changed to "Terminated-Failed to Renew" on January 1, 2014. Except as provided in COMAR 09.03.06.03F (Loan Processing Under Expired License), the lender licensee is NOT authorized to conduct Maryland mortgage business.