|
On May 15, 2014, Governor Martin O'Malley signed Senate Bill 1091, Registered Mortgage Loan Originators - Expedited Licenses, into law. The law, which takes effect on October 1, 2014, adds new �11-612.3 to Md. Code Ann., Fin. Inst. Article ("FI"), and requires the Commissioner of Financial Regulation (the "Commissioner") to expedite license applications from Registered Mortgage Loan Originators who meet certain requirements.
To whom is the law applicable?
An applicant for a mortgage loan originator ("MLO") license who, within 45 days before the date of application for the license, was employed as a Registered Mortgage Loan Originator ("Eligible Applicant").
Who is a Registered Mortgage Loan Originator?
FI � 11-601(w) defines a registered mortgage loan originator as any individual who:
- Is a mortgage loan originator;
- Is an employee of:
a. A depository institution;
b. A subsidiary that is:
i. Owned and controlled by a depository institution; and
ii. Regulated by a federal banking agency; or
iii. An institution regulated by the Farm Credit Administration; and
- Is registered with, and maintains a unique identifier through, the Nationwide Mortgage Licensing System and Registry ("NMLS").
How does the law expedite the licensing process?
It directs the Commissioner to waive the State criminal history records check for Eligible Applicants. The elimination of this requirement for licensing should provide faster processing of the application, assuming all other requirements are met.
How does one apply for an expedited MLO license?
Submit the Maryland MLO license application through NMLS, and complete the checklist (select option 4). Be sure to include the information for the most recent date of employment as a registered MLO. Forward the checklist and other application materials to the Commissioner at the address noted below.
When to apply for the expedited MLO license?
Beginning October 1, 2014, expedited MLO license applications may be submitted by Eligible Applicants.
What documents determine eligibility?
Applicant's employment history as reflected on the NMLS MU4 form must reflect employment as an MLO, and applicant must have been a registered MLO within the 45 days prior to the submission of the new license application.
Once an application has been submitted on NMLS, the checklist and other supporting documents must be received at the following:
For U.S. Postal Service or Overnight Delivery
Commissioner of Financial Regulation
Attn: Licensing Unit
500 N. Calvert Street, Suite 402
Baltimore, Maryland 21202
For E-mail Delivery: [email protected]
- Include applicant's name and NMLS ID in the subject line
- Identify what has been attached in the body of the e-mail
More Information
For any questions or additional information, you may contact Juan M. Sempertegui, Director of Licensing, at 410-230-6102 or via e-mail at [email protected].
| 
