American Mortgage Licensing provides full service assistance for mortgage professionals seeking a Maryland Mortgage Broker license, or Maryland Lender license. We manage the entire Maryland mortgage broker or lender licensing process to ensure that your applications have the best chance at an expedited approval.
Maryland Mortgage Broker Requirements
The Maryland Office of Financial Regulation is the primary regulator for mortgage brokers and loan officers. The office is responsible for issuing licenses to mortgage brokers. The office also supervises the mortgage lending regulations through on-site examinations as well as off-site monitoring programs.
Mortgage brokers attempting to obtain a Maryland mortgage license are not required to maintain a physical location in the state of Maryland unless their state of incorporation requires mortgage brokers to maintain an office in their home state. This is somewhat confusing, but to summarize, if your home state requires a physical office, Maryland will in turn require you to have a physical office in Maryland.
License applicants must provide a surety bond in an amount that is based on past loan activity level, ranging from $15,000 to $75,000. New companies will always start off at the $15,000 level. One of the principal owners must have three years of mortgage lending experience. Reviewed or audited financial statements, criminal background checks, and business credit reports are also part of the application process. Maryland does not require mortgage broker applicants to pass an exam.
Mortgage originators require separate licensing. Mortgage originators are required to pass a state exam and must also take 40 hours of pre-licensing education. The education and exam are not required for loan originators with 3 years of verifiable experience.
Maryland Mortgage Licensing Fees
All mortgage broker applicants must submit a $1000 licensing fee (good for two years) as well as a $100 investigation fee. Each branch office must pay a $1000 licensing fee. Loan originators pay a licensing fee in the amount of $300 (every two years) and an application fee in the amount of $100.
For complete assistance on your Maryland Mortgage License, call American Mortgage Licensing to start your project today, 469.688.8441.