2014 Maryland Mortgage Lender License Renewal Requirements
The 2014 NMLS Maryland Mortgage Lender renewal process began on November 1st and it will end on December 31st. All records in NMLS should be reviewed and confirmed that they are correct to ensure a smooth renewal of your license.
Mortgage Lender Renewal Requirements:
- Annual Financial Statements - outstanding financial statement requirements will prevent a company from submitting a renewal request. Financials for the most recent fiscal year must be uploaded into NMLS. The statements should be either:
- Audited - a CPA reviewed and drafted the financial statements OR
- Unaudited - a CPA has compiled or reviewed the financial statements.
- Mortgage Call Report - outstanding Mortgage Call Report (MCR) filings will prevent a company from submitting a renewal request.
- Confirm Continuing Education (CE) requirements have been met.
- 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).
- CE requirements are annual and apply to the first renewal of a license.
- Failure to complete the CE requirements will prevent the approval of the renewal request and may cause the denial of the renewal request.
- 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.
- Upload required documentation on NMLS:
- 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).
- A Certificate of Good Standing from the State Department of Assessments and Taxation of Maryland.
- 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.
The renewal requirements are also located in the Renewals Overview section of the NMLS Resource Center. For specific questions pertaining to Maryland's Mortgage Lenders, you may contact Juan M. Sempertegui, Director of Licensing at 410-230-6102 or via email at email@example.com.