Section 11-606.1 – Written Tests
(a) To qualify for an initial license, an applicant shall pass a qualified written test developed by the Nationwide Mortgage Licensing System and Registry and administered by a test provider approved by the Nationwide Mortgage Licensing System and Registry. (b) A written test may not be treated as a qualified written test for purposes of subsection (a) […]
Section 11-601 – Definitions
(a) In this subtitle the following words have the meanings indicated. (b) “Borrower” has the meaning stated in § 11–501 of this title. (c) “Clerical or support duties” includes the following activities relating to the processing or underwriting of a mortgage loan when performed subsequent to the receipt of a loan application: (1) The receipt, collection, distribution, and analysis […]
Section 11-602 – General Consideration
(a) (1) The licensing provisions of this subtitle do not apply to independent contractors. (2) Independent contractors are subject to the licensing provisions of Subtitle 5 of this title unless exempt from licensing under that subtitle. (b) Unless exempted from this subtitle under subsection (d) of this section, an individual may not engage in the business of a mortgage […]
Section 11-603 – Powers of Licensees
(a) A license issued under this subtitle authorizes the licensee to act as a mortgage loan originator only when acting within the scope of employment with: (1) A mortgage lender; or (2) A person who is exempt from licensing as a mortgage lender. (b) A licensee may not: (1) Maintain more than one license under this subtitle; or (2) Be employed […]
Section 11-603.1 – Affiliated Insurance Producer-Mortgage Loan Originator
(a) In this section, “affiliated insurance producer–mortgage loan originator” means an individual who: (1) Originates mortgage loans only on behalf of a single financial institution that is: (i) Described in § 11–502(b)(1) of this title; and (ii) Approved by the Commissioner under subsection (b) of this section; (2) Is a licensed insurance producer in good standing under § 10–103 of […]
Section 11-604 – Application
(a) (1) To apply for a license, an applicant shall: (i) Complete, sign, and submit to the Commissioner an application made under oath in the form, and in accordance with the process, that the Commissioner requires; and (ii) Provide all information as requested by the Commissioner. (2) The applicant shall comply with all conditions and provisions of the application for […]
Section 11-605 – Qualifications for License
(a) The Commissioner may not issue a mortgage loan originator license unless the Commissioner makes, at a minimum, the following findings: (1) The applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction; (2) The applicant has not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, […]
Section 11-606 – Prelicensing Education Courses
(a) To qualify for an initial license, an applicant shall complete at least 20 hours of prelicensing education that shall include: (1) 3 hours of instruction on federal law and regulations relating to mortgage origination; (2) 3 hours of instruction on ethics, including instruction on fraud, consumer protection, and fair lending issues; and (3) 2 hours of training related […]