Any "covered employee" (i.e., a manager of a location licensed by the Commissioner of Financial Regulation), who is not required to be licensed as a mortgage loan originator, must satisfy the continuing education requirements set forth below during each licensing period.

Effective 1/1/10, THE CONTINUING EDUCATION REQUIREMENTS FOR THESE INDIVIDUALS NOT LICENSED AS MORTGAGE LOAN ORIGINATORS ARE THE SAME AS THE CONTINUING EDUCATION REQUIREMENTS FOR MORTGAGE LOAN ORIGINATORS. These continuing education standards are prescribed by Md. Code Ann., Financial Institutions § 11-612 and the SAFE Mortgage Licensing Act and include the following on an annual basis:

1. 3 hours of Federal law and regulations;
2. 2 hours of ethics that shall include instruction on fraud, consumer protection, and fair lending issues;
3. 2 hours of training related to lending standards for the nontraditional mortgage product market; and
4. 1 hour of instruction on Maryland mortgage-related law.

APPROVED CONTINUING EDUCATION COURSES

The list of approved continuing education courses for Maryland mortgage lenders and mortgage loan originators is available online. Please review the list and contact the providers directly to arrange participation in these classes.

LIST OF APPROVED COURSES AND PROVIDERS VALID UNTIL 12/31/09

Maryland has approved continuing education courses for the period ENDING December 31, 2009. Maryland will not be approving continuing education course submissions after December 31, 2009. For coursework beginning January 1, 2010, approvals are provided through the NMLS. The continuing education requirements and a list of approved courses can be found on the NMLS website:

NMLS APPROVED COURSES

CERTIFICATION OF COMPLIANCE FOR LICENSE RENEWAL

When applying for a renewal license, a licensee must submit a sworn statement affirming that each covered employee of the licensee has, in the licensing period immediately preceding the current renewal period, successfully completed the required hours of continuing education and shall identify the course, course provider and number of hours of education completed. The statement must include the name of each covered employee and must be signed by an owner, officer or control person of the licensee.

If you have any questions regarding mortgage lender continuing education requirements call George Kinsel (410) 230-6086.