Article Summary: This article will help anyone looking for information pertaining to a mortgage license in the state of Maryland or anyone looking to become a mortgage broker in Maryland.
The Maryland Department of Labor, Licensing and Regulation (DLLR),
division of Financial Regulation, issues a financial regulation license that covers the Mortgage Brokering business. A separate license is not required for second mortgages.
Applicants who desire to
become a Mortgage Broker in Maryland must have at least three years of mortgage banking experience. They pay a non-refundable $100 Investigation Fee, plus an initial License Fee of $1,000. They also provide a Surety Bond ranging from $15,000 to $75,000 depending on the dollar volume of loans during the prior 36 months.
Current audited financial statements (within the prior 12 months) plus a current Credit Report are required to be submitted with the application.
As of July, 2000, twenty hours of approved continuing education courses are required for renewal of the Mortgage Broker license.
The Maryland Association of Mortgage Brokers (MAMB),
www.mamb.org, is an affiliate of the National Association of Mortgage Brokers (NAMB), www.namb.org. The MAMB actively supports legislation and education for existing Mortgage Brokers and those who desire to get a
Mortgage Broker License in Maryland.
We also offer information and resources for Maryland Commercial Mortgage