- 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 License (Company)
- 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 Lender Branch License (Branch)
- 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)
Mortgage Loan Originator (Individual)