Maryland State Licenses and Regulator Costs

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Mortgage Lender License (Company)

NMLS Cost: $1,101
Additional Costs: $15 per credit report, $36.25 per criminal background check
Minimum net worth: varies based on loan volume from $25,000 to $250,000 (contact us for details)
Minimum Experience: at least one owner or officer must have at least three (3) years of experience in a mortgage company
Surety Bond: varies baed on loan volume and number of licensed locations from $50,000 to $750,000 (contact us for details)

Mortgage Lender Branch License (Branch)

NMLS Cost: $1,021
Additional Costs: $15.00 per credit report, $36.25 per criminal background check
Branch manager: must be designated
Surety Bond: each additional branch office requires an increase to the company's surety bond equivalent to the current bond amount; once applicant has five or more licensed branches a blanket surety bond of $750,000 can be used

Mortgage Loan Originator (Individual)

NMLS Cost: $256
Additional Costs: $15 per credit report, $36.25 per criminal background check
Education: Maryland requires three (3) hours of Maryland-specific pre-licensure education as part of your national education requirement
Affidavit: Maryland requires a signed affidavit (note: the NMLS website may not contain the latest form); the state also requires an affidavit from originators who are returning from inactive status (the NMLS website may not contain the latest form) - this form is typically needed when an MLO switches companies (contact us for assistance)