Bad news: there are 50 states (plus territories) to track NMLS requirements, transition plans, and deadlines. Good news: there seems to be some common themes and practices, making it feel a little easier to grasp. This is where I find Maryland mortgage loan originator requirements.
Like all states, Maryland loan originators must complete 20 hours of NMLS prelicense education, including 3 hours of federal law, 3 hours of ethics, 2 hours of nontraditional loans, however, they must also complete 5 hours of Maryland law.
And like all states, they have to pass the SAFE Mortgage loan Originator Test. It is a 2-part test, a national component and a state component, which can be taken separately. Then there is a bonding requirement, passing a background check, and demonstrating financial responsibility.
Current Maryland loan originators whose expiration is after June 30, 2009 must do the following by December 31, 2010 in order to renew:
- Satisfy the 20 hour education requirement. Continuing education taken within the past 5 years will meet the NMLS prelicense requirement.
- Meet the bonding requirement. Employees of licensed lenders may satisfy with employer bond.
- Pass a background and credit check.
- Pass the SAFE Mortgage Loan Originator Test. The SAFE Mortgage Loan Originator test is two exams, a national exam and a state exam, which may be taken separately.
- Register with the NMLS.
Previously exempt Maryland loan originators must do the following by July 31, 2010:
- Complete 20 hours of NMLS-approved prelicense education.
- Meet the bonding requirement. Employees of licensed lenders may satisfy with employer bond.
- Pass a background and credit check.
- Pass the SAFE Mortgage Loan Originator Test. The SAFE Mortgage Loan Originator test is two exams, a national exam and a state exam, which may be taken separately.
- Register with the NMLS.
New Maryland loan originators must do the following prior to being licensed:
- Complete 20 hours of NMLS-approved prelicense education.
- Meet the bonding requirement. Employees of licensed lenders may satisfy with employer bond.
- Pass a background and credit check.
- Pass the SAFE Mortgage Loan Originator Test. The SAFE Mortgage Loan Originator test is two exams, a national exam and a state exam, which may be taken separately.
- Register with the NMLS.
So in summary, when you got your loan originator license in Maryland or plan to get licensed will determine when you have to have the NMLS requirements met. As always, ProSchools suggests (actually strongly recommends) that you get your requirements done early.