Maryland Amends Requirements for Mortgage Lender Licensee and Loan Originator Numbers

Effective July 3, 2017, Maryland adopted amendments to change requirements for loan originators and mortgage lender licensee numbers. Essentially, Maryland is allowing substituting state requirements for licensee number identifications with the use of federally required NMLSR numbers.

Specifically, the first change allows mortgage lender licensees that appear on notes or agreements for mortgages secured by security instruments to use either the mortgage lender licensee number or the NMLSR number. The second change is the same as the former; however, it applies to mortgage loan originators. The last change affects foreclosure notices. An individual who is sending a foreclosure notice which must include a mortgage lender licensee/loan originator license numbers may use the NMLSR as a satisfactory substitute. It is important to note that all three changes allow for a substitution of the state required numbers for NMLSR and are not mandatory.

For a complete reading, please follow the provided link: Full Text

 

  • Regulatory Compliance Consultant
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Julio Suarez, J.D. is a Regulatory Compliance Consultant at Bankers Advisory. He is a graduate of the University of Central Florida and earned his Juris Doctor at the New England School of Law.

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