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Effective October 1, 2005, Chapter 590 established new licensing requirements for mortgage originators. The law requires mortgage broker loan officers and under certain circumstances, mortgage lender loan officers to become licensed with the Maryland Commissioner of Financial Regulation not later than January 1, 2007.
In the new law, "mortgage originator" is an individual who: (1) either is employed by a mortgage lender that is a mortgage broker under FI 11-501(i) or has a net branch office out of which the individual works; (2) directly contacts prospective borrowers for the purpose of negotiating with or advising the prospective borrowers regarding mortgage loan terms and availability; (3) receives compensation on a percentage basis; and (4) is authorized to accept a loan application on behalf of the mortgage lender.
Online Licensing Now Available for Mortgage Originators
Retrieve Confirmation Number for Mortgage Originators
o Live Classroom Training
o Home Study Courses
Maryland Originator Pre-Licensing Education Course
o 40 hours of intensive class
o Upon completion of this course, new Loan Officers will have the knowledge and skills necessary to effectively originate mortgage loans.
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