MORTGAGE ORIGINATOR LICENSE RENEWAL
The mortgage originator renewal process has been implemented and is ready for renewal applicants. Licensees with upcoming expirations will be able to renew online in a simple process.
How do I renew my license?
Renew your license by submitting an electronic renewal application.
How soon may I renew my mortgage originator license?
You may renew your license beginning sixty (60) days prior to the expiration of your current license. At that time, you will receive a renewal notice by mail from the Commissioner’s Office. Even if you have not received a renewal notice, you may still renew your license within 60 days of expiration.
When will my renewed license expire?
In conjunction with the shift to the Nationwide Mortgage Licensing System (“NMLS”), we are moving to a standard one-year license term (January 1st through December 31st). During the transition to the NMLS, the following timetable will apply for mortgage originators already licensed before January 1, 2009:
(a) For a renewal date falling between January 1, 2009 and September 30, 2009, the renewal term will expire on December 31, 2009;
(b) For a renewal date falling between October 1, 2009 and September 30, 2010, the renewal term will expire on December 31, 2010; and
(c) For a renewal date falling between October 1, 2010 and December 31, 2010, the renewal term will expire December 31, 2011.
What is the renewal license fee?
As detailed in the first Mortgage Licensing Update, the Office of the Commissioner has proposed a regulation setting an annual license fee of $225 beginning January 1, 2009. That proposed regulation is currently in the comment period (which ends November 24, 2008). We anticipate that this proposed regulation will be effective in late December. Licensees applying online will be charged the new $225 fee. If the final fee set forth by the regulation is less than the amount we collect, we will refund you the difference. This fee must be paid by credit or debit card.
Additionally, if your current license expires between January and September 2009, your license fee will be prorated on a daily basis.
What do I need to renew my license?
To renew your license, you will need:
- Your license number;
- Your pin/password which was mailed to you under separate cover shortly after you first received your license and also on/about the time you received your renewal notice;
- Generally, twenty (20) hours of continuing education; however, if employed as a mortgage originator or covered employee for ten (10) years or more, six (6) hours of continuing education are required. Please be aware that these requirements are likely to change in mid-2009 with the state’s shift to the Nationwide Mortgage Licensing System; and
- The renewal fee to be paid by credit card or debit card only.
What should I do if I cannot find my pin/password?
If you have forgotten or misplaced your pin, you may contact the Commissioner’s Licensing Unit via telephone at 410-230-6155 to request that your pin be emailed to you. Under some circumstances, the Commissioner’s office may have to generate a new pin for you. This new pin cannot be emailed, but will be mailed via US postal mail.
Regarding your password, the Commissioner’s office does not have access to your password. If you have misplaced or forgotten your password, you will have to reset it using the pin that was sent to you.
After submitting the electronic renewal application, will I need to submit any other information?
Maybe. The renewal application also consists of a series of conduct questions. If you answer “yes” to any of those questions, to complete your renewal application, you must submit a written explanation of your answer(s) to this Agency. Include your name and license number in your correspondence.
Commissioner of Financial Regulation
Attn: Licensing Unit
500 N Calvert Street, Suite 402
Baltimore, MD 21202
May I still renew my license if I have not completed the required hours of continuing education?
No. The completion of continuing education is a prerequisite for approval of the renewal of your license and it must be affirmed on the application. If you have not completed the required hours of continuing education, you will NOT be allowed to submit the renewal application.
I submitted my renewal application PRIOR to the expiration of my license. However, what happens if my license expires before I complete the renewal process?
The answer to this question depends on the timing of your submission.
- If you submit your renewal application at least two calendar weeks (14 days) prior to the expiration of your license, the license does not expire until this Agency takes final action on the renewal application.
- If you submit your renewal application less than fourteen (14) days prior to the expiration of your license, and your license expires prior to the processing and issuance of your renewed license, you may not conduct business as a mortgage originator in the State of Maryland upon expiration until your renewed license is issued.
My license has expired. May I still submit a renewal application?
Our Agency will accept a renewal application thirty (30) days or less after the expiration of the license. You may not conduct business as a mortgage originator in the State of Maryland until your renewed license is issued.
Our Agency will not accept a renewal application more than thirty (30) days past the expiration of the license. You may not conduct business as a mortgage originator in the State of Maryland until you complete a new mortgage originator license application and that new license is issued.
I need to renew my mortgage originator license, but I have changed employers or changed my name. What should I do?
You may submit an interim change and renewal license application at the same time. An additional seventy-five dollar ($75.00) fee must also be paid by credit or debit card.
I submitted an interim change application which is still pending. May I submit a renewal mortgage originator license application?
No. The Agency’s system will not permit you to submit a renewal application if an interim change is still pending.
When will I go onto NMLS?
Maryland has committed to begin transition to the Nationwide Mortgage Licensing System and Registry (“NMLS”) beginning mid-2009. If you are renewing your license prior to Maryland’s transition, you will go onto NMLS when you renew your license prior to December 31, 2009 expiration date. If you are not currently scheduled to renew your license until after mid-2009, it is anticipated that you will renew directly through NMLS. Details on this process and the qualifications required will be forthcoming in early 2009.