IN THIS ISSUE
Governor O'Malley Signs Maryland Safe Legislation
Credit Service Business License Available
Employer Acknowledgement Statement
(Form, PDF document, 16KB, download Adobe Acrobat for
Interim Change Mortgage Originator Activity
(Form, Word document, 29KB, download Word viewer for
Interim Changes – Mortgage Lender
Mortgage Lender License Applications (Original & Renewal)
Interim Changes – Mortgage Originator
Mortgage Originator Activity Since January 1, 2007
(Form, Word document, 30KB, download Word viewer for
Mortgage Originator License Applications (Original & Renewal)
Regulatory Advisory Quick Links
Letter to Mortgage Lender Licensee - New Laws Effective June 1, 2008
TRAINING SESSION fOR NMLS TRANSITION AVAILABLE
On May 13, 2009, training will be available for licensees regarding using the new Nationwide Mortgage Licensing System. Sponsored by the Maryland Association of Mortgage Brokers and the Maryland Commissioner of Financial Regulation, the training session will feature presentations by personnel from the DLLR’s Office of Financial Regulation and from the NMLS. The training will include an online demonstration. To register for this important session, please visit the
Two identical sessions will be held at the Holiday Inn in Jessup/Columbia. The pre-registration fee is $15.00 for MAMB Members and $40.00 for all other participants if you sign up by April 30th. The registration fee will increase by $10.00 after April 30th. We strongly recommend that you register early as space is limited.
MEET YOUR REGULATORS EVENT
The Office of Financial Regulation is holding regular “Meet Your Regulator” events at its offices on 500 N. Calvert Street in Baltimore. These half-day sessions provide an regulatory overview for mortgage origination and include presentations by key personnel from the Office’s Licensing, Compliance, Complaint and Enforcement units. While the program is designed for new licensees, it is open to all Maryland mortgage licensees and we would welcome your participation.
Please e-mail us at firstname.lastname@example.org
for further information.
GOVERNOR MARTIN O’MALLEY SIGNS MARYLAND SAFE LEGISLATION
On April 14, 2009, Governor O’Malley signed Senate Bill 269 (“SB 269”) which significantly reforms mortgage licensing in Maryland. This comprehensive legislation will alter certain provisions of law regulating mortgage lenders and mortgage loan originators, and expand the authority of the Commissioner of Financial Regulation (the “Commissioner”) to adopt regulations that will facilitate implementation of the Nationwide Mortgage Licensing System (“NMLS”). The legislation brings the state into compliance with the new federal standards under the Secure and Fair Enforcement for Mortgage Licensing Act, also known as the SAFE Act, which sets certain minimum standards and mandates transition to the NMLS.
SB 269 maintains the core underlying structure of Maryland law while integrating required elements to meet the new federal standards. These include:
- Licensing through NMLS;
- Annual licensing terms instead of rolling two-year terms;
- Revising education standards including 8 hours per year of continuing education and 20 hours of pre-licensing education;
- Revising testing requirements to be implemented in conjunction with NMLS;
- Eliminating certain exemptions from licensing;
- Revising minimum licensing standards including a total prohibition for prior convictions involving fraud, dishonesty, breach of trust or money laundering;
- Authorizing the Commissioner to issue an interim mortgage loan originator license to certain individuals previously exempt from licensing for purpose of transitioning into the NMLS; and
- Requiring the reporting of enforcement actions and information to the NMLS.
SB 269 also includes a provision allowing for a licensee to place a license in “nonactive” status if that licensee ceases to be employed by a licensed mortgage lender.
Review SB 269 in its
entirety (PDF document, download Adobe Acrobat for
Pursuant to the legislation, Maryland will transition to the NMLS over an 18 month period from July 1, 2009 to December 31, 2010. This period is designed to enable current licensees to transition at the time of expiration of their current licenses. Maryland previously issued two year licenses until December 31, 2008. By providing this 18 month transition period, Maryland seeks to minimize disruption for those operating with licenses issued prior to December 31, 2008.
The NMLS web portal will open for new applicants and those seeking to renew existing licenses in early May 2009 so users may initiate their applications. Licenses will be approved beginning July 1, 2009. Those with licenses that expire on or before June 30, 2009 should renew through the Maryland website.
Additional details will be forthcoming.
MARYLAND CREDIT SERVICES BUSINESS LICENSE
The application for the Maryland Credit Services Business License is now available for non-exempt individuals engaged in the business of mortgage loan modification and/or similar services. Individuals are required to be licensed as a credit services business if any of the services provided to Maryland consumers involve the deferral of debt or payments on new or existing consumer debt obligations. For additional information regarding the Maryland Credit Services Businesses Act, please review the most recent advisory titled “Loss Mitigation Consulting, Foreclosure Prevention, Mortgage Loan Modification, and Similar Services Under the Maryland Credit Services Businesses Act (MCSBA) and the Protection of Homeowners in Foreclosure Act (PHIFA)”.
View this advisory.
Individuals required to be licensed may download the application forms at the
web site of the Commissioner of Financial Regulation.