SAFE Act now in effect in Maryland

 

What this means to Loan Originators

• New and previously exempt must now be licensed - this includes mortgage company principals who were formerly exempt.  Only Federally supervised bank mortgage originators are exempt from testing and education

• All new originators - applying after 9/30/2010 - must take a pre-licensing class, state and national exam, register for a background check with fingerprints and order a credit report. 

To get or renew your license:

• Apply for your license (or renewal) using MU-4 through the NMLS website (Click here)

• Pay the Fees to NMLS $225-licensing; $100 Background; $30 NMLS Registration

• Take the 20 Hour "Pre-Licensing Course" from our schedule (required to be completed prior to license issuance)

• Take the National and State Tests through Pearson/Vue or ProMetrics testing service - you do not need to take the course before the test, though it may help you.

• Sign up to take the National and Maryland test.

We DO recommend that you make an arrangement with an employer BEFORE embarking on this process.  Your employer may not require the education or testing (if they are a federally supervised bank), or the employer may have arrangements with a company like us to provide training and test preparation.