Maryland Mortgage Licensing

Maryland licensing is all about your net worth and your bonds. Brokers must show a net worth of $25K, and lenders are graded on a volume scale usually required to show a $250K net worth. Both activity tiers require compiled, reviewed, or an audited financial statement. The bond premium is on a sliding scale as well and caps out at a required $150K. Keep in mind that the term of the bonds must end 12/31 of the current year, so do not let the surety company set the bond at a full 1 year term. If they do, have them end it at 12/31 and prorate your premium. Also, while the initial premium is based on nationwide sales for the previous year, the renewal premium is based on MD sales from initial licensure, which will more than likely lower your bond premium for the next year. MD requires a named QI that must be a control officer with 3 years of experience. Though the QI is not required to hold a MD MLO License they are required to complete the MD MLO continuing education course (National and State Specific) every year for renewal of the company license.