Maryland Mortgage Broker Bonds

License Overview

Mortgage Brokers in Maryland are regulated by the Maryland Department of Labor, Licensing and Regulation, division of Financial Regulation. Maryland has made some huge changes to their Mortgage broker requirements as of June 1st, 2008. They have dramatically increased their licensing fees and Surety Bond requirements.

Surety Bond requirements are now based on the Loan Activity Level for a two year period (concurrent with the licensing period). The range is listed below:

• $3 million in sales or less per two years - $50,000
• $3 million to $10 million per two years - $100,000
• $Over $10 million per two years - $150,000

Surety Bonds must be continuous in nature and may not expire during a license term to avoid any gap in coverage. Applicants must also provide a copy of your current audited personal financial statements along with an up to date certified credit report from on of the 3 major reporting agencies.

Bad Credit Maryland Mortgage Broker Bonds

Any applicant with less than perfect credit is encouraged to apply with JW Bond Consultants, Inc. We have a special program that is tailored to meet the needs of applicants that are considered higher risk.

Maryland License Requirements

Age: 18

State Residency: Not Required

Experience: 3 years experience in the lending industry

Education: 40 hours classroom with exam (without 3 years experience)

Continuing Education: 20 hours per license period (two year)

Net Worth: Not Required

Surety Bond: $50,000 to $150,000

Free Surety Bond Quote

Background Check: Credit & criminal checks

Maryland State Licensing Fees

Initial Application: $1,000 + $100 Investigation Fee

Branch Location: $1,000 + $100 Investigation Fee

Renewal Application: $1,000

Branch Offices:

In State Requirements: Each office must pay fees and have a broker on staff.

Licensure Requirements: $1,000 per 2 years must be licensed with broker or originator on staff subject to same terms of initial location.

Exemptions:

Entities: Attorneys, Lenders licensed under the Maryland Mortgage Lender Law, or Independent Contractors.

Safe Harbor: None available

*This Information for licensing is provided only as a quick reference, make sure you contact the state to verify all information prior to making your application.

Get a FREE quote on your Mortgage License Surety Bond online now!

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