Maryland Expedites Licensing For Certain Mortgage Loan Originators

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On May 15, Maryland Governor Martin O’Malley signed SB 1091, which expedites mortgage loan originator licensing in that state by requiring the Commissioner of Financial Regulation to waive the state’s criminal history records check for any applicant who was employed as a registered mortgage loan originator within 45 days before the date of application for a Maryland license. The change takes effect October 1, 2014. The bill is less sweeping than the version initially introduced, which would have allowed the Commissioner to issue transitional licenses to individuals licensed under the laws of another state.

Topics:  Criminal Background Checks, Criminal Records, Licensing Rules, Mortgage Loan Originators, Mortgages

Published In: Finance & Banking Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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