interim license was created to facilitate
licensing for such individuals who were
previously exempt so that they may continue
to operate while completing certain
requirements - fingerprinting/criminal
background check; credit check; surety
bonding; and pre-licensing education/testing.
To qualify for an interim license, previously
exempt individuals must fall into one
of the following two categories:
the individual must be employed by a
person that makes mortgage loans, is
not a mortgage broker, and is a licensed
mortgage lender or a person exempt from
licensing under Title 11, Subtitle 5
of the Financial Institutions Article,
Annotated Code of Maryland;
the individual owns a 25 percent or
more interest in a mortgage lender as
of July 1, 2009 and as of the date of
the application for an Interim license.
Affidavit and the Employer Acknowledgement
provide the Commissioner with the basis
for that determination and upon receipt
of them, applicants that are otherwise
qualified will receive an interim license
under the NMLS system - pursuant to
which they can continue conducting origination
activities. The interim license precludes
the licensee from brokering loans where
the former exemption was based upon
working for a mortgage lender that does
not broker loans (item (1) above).
completion of the deferred licensing
requirements identified above and approval
by the State of Maryland through NMLS,
the interim restrictions regarding brokering
loans will be eliminated. While the
licenses will expire on December 31,
2010, the individual must complete the
deferred licensing requirements no later
than July 31, 2010.
you have questions, please contact the
Office of the Commissioner of Financial
Regulation at 410-230-6155 or 888-784-0136.
For questions on using NMLS, contact
the NMLS Call Center at 240-386-4444.
Also, you are encouraged to sign up
to receive the Office of Financial Regulations
Mortgage Licensing Update
via email. This is a key tool to keep
you posted on new developments related
to Marylands NMLS transition.
CLICK HERE to sign up.