Maryland Mortgage Broker License Guide

In Maryland, mortgage lenders and loan originators must be licensed at the state level. The Maryland Commissioner of Financial Regulation supervises and issues all mortgage licenses.

The application process for mortgage licensing is handled by the Nationwide Mortgage Licensing System (NMLS). NMLS allows mortgage companies and individuals to apply or update a license online.

If you'd like assistance with the licensing process, our mortgage broker licensing partner can make the process seamless for you; learn more here.

Maryland has three major state license types: Company, Branch, and Individual. Each license type depends on the work you will perform.

In this guide, we’ll cover the most common licenses only. You can review the full list on the NMLS website.

Most Common Company Licenses

• Mortgage Lender License - permits entities and sole proprietorships to make, broker, and/or service mortgage loans within the state.

Most Common Branch Licenses

• Mortgage Lender Branch License - this license is required for locations other than the main office stated on the Mortgage Lender license. These locations do not need to be located within the state of Maryland.

Most Common Individual Licenses

• Affiliated Insurance Producer - Mortgage Loan Originator License - permits licensed insurance producers to originate mortgage loans on behalf of financial institutions.

All license applications must submitted online through NMLS. Please note that some agency-specific documentation needs to be mailed directly to the state Commissioner at Maryland Commissioner of Financial Regulation, Attn: Licensing Unit, 500 N Calvert Street, Suite 402, Baltimore, Maryland 21202.

For more information and assistance regarding the requirements, you may contact the Commissioner of Financial Regulation licensing staff at (888) 784-0136 or (410) 230-6155.

For assistance with NMLS please contact their call center at (855) 665-7123.

In Maryland, passing an exam is obligatory for some, but not all licenses. In order to obtain a Affiliated Insurance Producer - MLO license you need to complete a course and pass a test.

Exams for Individual Licenses

• Affiliated Insurance Producer - MLO License - Applicants must complete a NMLS-approved pre-license course prior to enrolling for the license test.
   

  The pre-license course must be at least 20 hours, of which 3 hours must be MD mortgage-related law and 2 hours of MD finder’s fee law. You can find further information regarding the course, as well as a list of approved providers, on the NMLS education page.

  To enroll for the test follow the instructions in your NMLS profile. You can schedule a test date via NMLS or by contacting the exam administrator Prometric at 877-671-6657.

  On the NMLS testing page you will find detailed information regarding the mortgage loan originator test.

Bonds for Company Licenses

• Mortgage Lender License - All license applicants must upload a surety bond via NMLS. The amount of the bond depends on the aggregate amount of mortgage loans originated by the applicant in the past 12 months.
  • $50,000 surety bond for aggregate loans under $3,000,000.
  • $100,000 surety bond for $3,000,000 - $10,000,000 aggregate loans.
  • $150,000 surety bond for aggregate loans over $10,000,000.

Bonds for Branch Licenses

• Mortgage Lender Branch License - Each additional Mortgage Lender location must submit a surety bond in an amount equal to the surety bond amount submitted by the principal office. Note that a blanket surety bond ($750,000 for all licensed locations) may be provided if the applicant files 5 or more applications at the same time (subject to approval by the state commissioner).

Bonds for Individual Licenses

• Affiliated Insurance Producer - MLO License - Each license applicant, who is not covered under employer’s blanket bond, is required to furnish a surety bond. The amount is based on the aggregate amount of mortgage loans originated by the applicant in the previous calendar year.
  • $50,000 surety bond for aggregate loans under $3,000,000.
  • $100,000 surety bond for $3,000,000 - $10,000,000 aggregate loans.
  • $150,000 surety bond for aggregate loans exceeding $10,000,000.

All fees are non-refundable or transferable and must be submitted via NMLS.

Fees for Company Licenses

• Mortgage Lender License
  • $1,000 license fee.
  • $1 investigation fee.
  • $100 NMLS processing fee.
  • $15 credit report fee (if required).
  • $36.25 background check (if required).

Fees for Branch Licenses

• Mortgage Lender Branch License
  • $1,000 license fee .
  • $1 investigation fee.
  • $20 NMLS processing fee.
  • $15 credit report fee (if required).

Fees for Individual Licenses

• Affiliated Insurance Producer - Mortgage Loan Originator License
  • $700 license fee .
  • $1 investigation fee.
  • $30 NMLS processing fee.
  • $15 credit report fee (if required).
  • $36.25 background check.
  • $100 exam fee.