Maryland SAFE / Mortgage Licensing
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About Maryland Mortgage Licensing: How To Get A Maryland NMLS Mortgage License
Do You Need To Have A License To Be A Mortgage Loan Officer In Maryland? If So, How Do You Get A Mortgage License?Mortage Loan Officers need to be licensed by the state in which they do business, which means they must complete the pre-licensing education requirements, pass the state and national SAFE / NMLS exam with a score of 75% or better, then take eight hours of annual continuing education courses to maintain their license.
What Do Mortgage Brokers In Maryland Do?A mortgage broker is a licensed professional that acts as a middleman between lenders and purchasers in Maryland cities such as Baltimore, Columbia, Germantown, Silver Spring, Ellicott City, and Frederick. The broker works to find a mortgage lender with terms and rates that best fit the customer's needs, then going through the required processes and working with the mortgage underwriter to get the loan approved.
What Is The Difference Between A Mortgage Broker And A Mortgage Loan Officer?Basically, the Mortgage Broker is the business owner and the Mortgage Loan Officer is an employee of the Mortgage Broker. In some instances, like a single-person shop, the Mortgage Broker does the work of the Loan Officer. Bottom line, the Mortgage Broker is responsible for the work output and complying with applicable laws.
What Does A Mortgage Loan Officer Do?A Mortgage Loan Officer starts the mortgage application process by gathering from potential borrowers the information needed to start that borrower's loan review process. This includes things like W2s, 1099s, bank statements, tax returns, etc.
They are responsible for working with the borrower to complete mortgage loan application, submitting the application to underwriting, following up on any additional information needed or requested from the underwriter, then communicating the loan decision to the potential borrower.
How Do Mortgage Brokers Make Money?Mortgage brokers make money by dealing with lenders who discount the cost of their mortgage product to allow a mortgage broker the ability to charge a fee by submission of a loan package for funding. This relationship between a mortgage broker and a lender is called wholesale lending.
How To Earn Your NMLS Mortgage License In Maryland
Potential Mortgage Brokers in Maryland can earn their Maryland mortgage license by:
- Applying for an NMLS account and ID number
- Completing your NMLS pre-licensing course requirements (see recommended NMLS licensing courses below)
- Passing your SAFE licensing exam
Get started by selecting a mortgage pre-licensing course from the list below.
About Maryland Mortgage Licensing Requirements
The Mortgage Training Center offers both online and in-person NMLS licensing and NMLS training courses. Simply choose your preferred option from the recommended courses listed on this page, or you can choose "NMLS" and your resident state from the "Licensing" section of the search box herein.
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Maryland Mortgage Licensing Requirements
The SAFE Act requires states to establish minimum rules and standards for the licensing and registration of Maryland mortgage lenders. This allows easy access to a Loan Officer and Mortgage Broker's credentials and allows the public to know what kind of mortgage history these providers have.
Essentially, the SAFE Act requires that state-licensed Mortgage Loan Originators (MLOs) pass a written qualified test with a score of 75% or better, complete at least 20 hours of pre-licensing education courses, and take eight hours of annual continuing education courses.
For further details on Maryland Mortgage Broker Licensing requirements, go to:
Department of Labor, Licensing and Regulation
Commissioner of Financial Regulation
500 North Calvert Street
Suite 402
Baltimore, MD 21202
Telephone Number: (410) 230-6100
Fax Numbers: (410) 333-3866 or (410) 333-0475
E-mail Address: finreg@dllr.state.md.us
For more information on mortgage licensing requirements for Maryland mortgage lenders, go to https://nationwidelicensingsystem.org/slr/Pages/DynamicLicenses.aspx?StateID=MD
Disclaimer: This information provided is based on state laws and regulations, and is subject to change. While we make every effort to asure this information is current and accurate, it is not engaged in rendering legal or professional advice, and shall not be held responsible for inaccuracies contained herein.
