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Issue 57
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October 21, 2015
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Maryland Mortgage Lender License 2016 Renewal Process
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The 2016 NMLS Streamlined Mortgage Lender License Renewal Process begins on November 1, 2015, and ends December 31, 2015. The Office of the Commissioner of Financial Regulation ("OCFR") encourages all mortgage lender licensees to review their NMLS record to confirm it is up-to-date and complete prior to the submission of a renewal application. All requirements must be satisfied before the renewal application will be approved.
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1. Financial Statements
- Licensees must upload financial statements for the preceding fiscal year on NMLS.
- The compiled, reviewed or audited financial statements must be prepared by a Certified Public Accountant (CPA).
2. Bond Coverage
- Licensees must upload a bond verification or continuation certificate into your NMLS account confirming that bond coverage is sufficient and in effect.
- If insufficient coverage exists, a deficiency noting the required bond coverage amount will be posted on the licensee's NMLS account. Bond coverage will be determined by the volume of the licensee's business submitted on the Mortgage Call Reports.
3. Certificate of Good Standing
- Licensees formed under Maryland law must provide a Certificate of Good Standing issued by the Maryland Department of Assessments and Taxation that must be dated after September 1, 2015. A deficiency will be posted on the licensee's NMLS account for failure to upload the certificate.
- Licensees whose state of formation is not Maryland must provide a Certificate of Good Standing from the state of formation and a Certificate of Good Standing issued by the Maryland Department of Assessments and Taxation, both of which must be dated after September 1, 2015. A deficiency will be posted on the licensee's NMLS account for failure to upload the certificates.
4. Continuing Education
- Licensee's Maryland Qualified Individual and branch managers must complete 8 hours of continuing education (including one (1) hour of instruction on Maryland mortgage-related law) prior to the renewal of the license.
- Courses are currently available. Because it may take up to seven (7) days for a course provider to report a course completion to NMLS, complete your CE requirements as soon as possible.
- Failure to complete the required CE (and updating your NMLS record) will prevent submission of your renewal application.
5. Update & complete your NMLS record before submitting a renewal application.
- Log into NMLS and confirm that your NMLS record is up-to-date to avoid delays. Failure to update your record will prevent submission of your renewal application.
- Resolve all outstanding deficiencies or requirements in your NMLS profile. Unresolved requirements or deficiencies will prevent the license renewal.
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A licensee will not be able to submit a renewal application until it complies with all of the above requirements. A Renewal Handbook is located on the NMLS Resource Center to assist you through the renewal process. Additional information about the renewal process is available on the Streamlined Annual Renewals page of the NMLS Resource Center.
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For More Information
For more information, please contact Juan M. Sempertegui, Director of Licensing at (410) 230-6102 or via email at [email protected]. |
