Among other things, Maryland has amended its mortgage lender law as follows:
Tangible Net Worth required by activity
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Mortgage broker: $25,000
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Mortgage servicer operating as an approved servicer for a GSE: the largest amount required by the standards of the GSE
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Mortgage servicer not operating as an approved servicer for a GSE: 100,000 to $1 million, based on size of servicing portfolio.
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Mortgage lender: $25,000 to $250,000 based on loan volume in preceding 12 months.
Licensee change of place of business:
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Removes the requirement to file a new application upon failure to give timely notice of a change of place of business.
Licensee Record Retention:
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Increased from 25 months to 61 months.
Changes to Commissioner’s Licensee Examination Schedule:
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New licensees within 18 months after license issuance; and
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Each licensee shall be examined at least once during any 60-month period (changed from 36 months).