Office of the Commissioner of Financial Regulation

 

License Renewal - Highlights - Advisory

 

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November 7, 2011

TO: Maryland Mortgage Lenders and Mortgage Loan Originators
SUBJECT: License Renewal - Highlights

The renewal period for mortgage lenders and mortgage loan originators commenced on November 1, 2011 and continues through December 31, 2011. Visit the annual renewal pages on the NMLS Resource Center for more information. In renewing your license, remember to address the following requirements.

Mortgage Loan Originators

Continuing Education

 
Am I required to take Continuing Education this year?
If I completed SAFE Act PE in 2009 or 2010 and I was approved for an initial license in 2010 am I required to complete CE in 2011 YES
If I completed SAFE Act PE in 2009 or 2010 and I was approved for an initial license in 2011 am I required to complete CE in 2011 No
If I completed SAFE Act PE in 2011 and I was approved for an initial license in 2011 am I required to complete CE in 2011 No 
 
  • Required course hours: If applicable, you must complete at least 8 hours of continuing education. See details on the state-specific education chart on the NMLS Resource Center.

Tax Liability

Resolve any outstanding personal income tax, business tax and/or unemployment insurance liabilities with the State of Maryland. Before a renewal application can be accepted by the Office of the Commissioner of the Financial Regulation (the "Agency"), the Agency must receive verification from the Comptroller of Maryland that an applicant for renewal of a license has paid, or satisfactorily arranged for payment of, State taxes. Contact the following, if applicable:

  • Income Tax: 410-974-2432
  • Business Tax: 410-649-0633
  • Unemployment Insurance Tax: 410-767-2699

Mortgage Lenders

Continuing Education

Complete continuing education requirements. Each "covered employee" of a licensee must satisfy the following continuing education requirements:

  • 3 hours of federal law and regulations;
  • 2 hours of ethics that shall include instruction on fraud, consumer protection, and fair lending issues;
  • 2 hours of training related to lending standards for the nontraditional mortgage product market; and
  • 1 hour of instruction on Maryland mortgage-related laws.

A "covered employee" means the manager of each corporate office and branch office licensed, or required to be licensed, by the Agency. A covered employee does not include a manager of the licensee who has been an employee for less than six months before the expiration of date of the licensee's current license and has had no prior experience as a manager of any other licensee.

Tax Liability

  • Resolve any outstanding business tax and/or unemployment insurance liabilities with the State of Maryland. Before a renewal application can be accepted by the Agency, the Agency must receive verification from the Comptroller of Maryland that an applicant for renewal of a license has paid, or satisfactorily arranged for payment of, State taxes. Contact the following, if applicable:
      • Business Tax: 410-649-0633
      • Unemployment Insurance Tax: 410-767-2699
  • Confirm that licensee is in good standing with the Maryland Department of Assessment and Taxation
  • Submit to the Agency verification that the licensee continues to satisfy the minimum net worth requirements required by and in accordance with Section 11-508.1 of the Financial Institutions Article of the Annotated Code of Maryland.
 
 
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