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Monday, November 7, 2011

Renewal Season STARTS in Maryland 11/1/11

Renewal applications for mortgage lenders and mortgage loan originators are accepted beginning November 1, 2011.  The deadline is December 31, 2011. 

We get many questions about what needs to be taken when.  "I took the 20 hours last year - do I have to take it again?"  Maryland has put together a matrix explaining the requirements:

chart  
What Do I have to Take?
  • 3 hours of federal law and regulations;
  • 2 hours of ethics that shall include instruction on fraud, consumer protection, and fair lending issues;
  • 2 hours of training related to lending standards for the nontraditional mortgage product market; and
  • 1 hour of instruction on Maryland mortgage-related laws.
A "covered employee" means the manager of each corporate office and branch office licensed, or required to be licensed, by the Agency.  A covered employee does not include a manager of the licensee who has been an employee for less than six months before the expiration of date of the licensee's current license and has had no prior experience as a manager of any other licensee.  

I Did Not Know That

You MUST Resolve any outstanding personal income tax, business tax and/or unemployment insurance liabilities with the State of Maryland, BEFORE a renewal application can be accepted. Contact the following, if applicable:
  
Income Tax: 410-974-2432
Business Tax: 410-649-0633
Unemployment Insurance Tax: 410-767-2699

In addition, companies must:

Confirm that licensee is in good standing 
Continue to satisfy the minimum net worth requirements

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