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How to Get an NMLS Mortgage License in Maryland
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Step 1 |
Step 2 |
Step 3 |
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Apply for Your NMLS Account and ID Number |
Complete Your NMLS Pre-License Education (PE) |
Pass the NMLS Mortgage Licensing Exam |
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The first thing you need to do to get a Maryland mortgage license is to apply on the NMLS website, for an NMLS account and ID number. |
State and Federal law require you to complete pre-licensing education courses. To become an MLO in Maryland, you must undergo 21 hours of SAFE pre-licensing courses, of which 16 hours will be standard NMLS courses and five hours must be Maryland-specific classes. |
Once you’ve finished your PE courses, you’ll be ready to attempt the NMLS Mortgage Licensing Exam. You must schedule the exam online. We have a complete walkthrough to help you know what to expect. |
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Step 4 |
Step 5 |
Step 6 |
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Complete Background Checks and Pay All Fees |
Apply for Your Maryland Mortgage License |
Associate Your NMLS Account with Your Employer. |
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Once you pass the test (you’ll need a score of 75% or higher), you can apply for the NMLS License by submitting paperwork, paying the required fees, and completing a criminal background check. See our guide for more information. |
Apply for a mortgage license in Maryland (you’ll need both to operate as an MLO). |
Until an employer agrees to sponsor you in Maryland, your mortgage license will remain in pending status. Associating your account with the employer offering you sponsorship isn’t hard. |
Get Your Mortgage License In Maryland
If you’re looking for a rewarding career that allows you to help people, earn good money, and enjoy a relatively flexible schedule, then getting your Maryland mortgage license might be for you. You don’t even need prior experience or a college diploma.
You may be wondering, how to become a mortgage loan officer in Maryland. It does take a fair amount of commitment to become an MLO in Maryland. You’ll need to finish the required coursework, pass the exam, and find an employer who will sponsor you. But that hard work will definitely pay off in the end.
Maryland Frequently Asked Questions
In an effort to curb the predatory lending practices that led to the demise of the housing and residential mortgage industry in 2008, the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE) was enacted. This opened up a world of opportunity to those driven to attain an MLO license and then work hard to match people with loan products.
| Topic | Hours Required |
|---|---|
| Fair Lending, Ethics, Fraud, and Consumer Protection | 3 Hours |
| Federal Laws and Regulations | 3 Hours |
| Non-Standard Lending | 2 Hours |
| Undefined Electives | 8 Hours |
| Maryland Finders Fee Law | 2 Hours |
| Maryland Mortgage Related Law | 3 Hours |
| Total 21 Hours | |
Although it hasn't been enacted yet, be on the lookout for the PE Expiration Policy in Maryland. Is states - If you complete the required 20 hours of education but do not obtain your license for a 3-year period, you'll need to repeat the coursework. The same applies if you let your license lapse for 3+ years before you want to get back into the industry.
A “mortgage broker” refers to an individual or an organization that connects consumers with mortgage loans from a variety of companies. Mortgage brokers frequently employ loan officers. In contrast, a loan officer is an employee who regularly works with borrowers and provides loans that are originated by their employer. Brokers and loan officers need different types of licenses.
Earning your mortgage broker license in Maryland should be considered an investment well worth your time. Here’s what to expect when it comes to licensing fees in Maryland:
| NMLS Fees | |
|---|---|
| NMLS Initial Processing Fee | $30 |
| Maryland License Fee | $225 |
| Maryland Application Fee | $1 |
| Credit Report | $15 |
| FBI Criminal Background Check | $36.25 |
| Total License Cost | $307.25 |
On an annual basis, Maryland MLO license holders must complete 8 total hours of Comprehensive Continuing Education that must cover:
| Topic | Required Hours |
|---|---|
| Federal Regulations and Law | 3 Hours |
| Ethics, including consumer protection, fair lending | 2 Hours |
| Non-Traditional mortgage lending | 2 Hours |
| Maryland Specific Education | 1 Hour |
Remember to take into account the “successive years” rule, which prohibits loan officers from taking the same CE course two years in a row.
Mortgage Educators changes its continuing education course annually to ensure there are no issues with the successive years rule.
The deadline to complete CE in Maryland is December 31st. MLO's in Maryland are actually prevented from applying for license renewal until they have completed their CE.
Mortgage Educators and Compliance is here to answer any additional questions you may have regarding your Maryland mortgage license. For additional questions, feel free to call us at 801-676-2520 or email us at [email protected].
