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Maryland’s NMLS Transition Desktop Summaries

Maryland’s NMLS Transition Desktop Summaries. This presentation contains currently-available information regarding the Commissioner's transition to the NMLS.  It may be updated as necessary and should not be relied upon as legal advice. Employee of bank or subsidiary?. YES Originator Must

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Maryland’s NMLS Transition Desktop Summaries

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  1. Maryland’s NMLS Transition Desktop Summaries This presentation contains currently-available information regarding the Commissioner's transition to the NMLS.  It may be updated as necessary and should not be relied upon as legal advice.

  2. Employee of bank or subsidiary? YES Originator Must Register Through Bank Regulator NO Originator will fall into one of three categories Loan Originator Current Licensees (Expiration After 6/30/09 New Licensees (Exempt before 7/1/09) New Licensees (De Novo)

  3. ** Main Office Must Transition First ** Office Type?? Main Office Branch Office Mortgage Lender Are Your Currently Licensed by MD? Current Licensees (Expiration After 6/30/09 New Licensees (De Novo) Form Transition / Renewal App. New Application Timing Apply AT RENEWAL OR BEFORE Apply ANYTIME Where NMLS then MD to pay NMLS only Expiration of NEW license 12/31/10 12/31/10 SAME REQTS AS BEFORE SAME REQTS AS BEFORE SAME REQTS AS BEFORE Surety Bond / Net Worth Surety Bond / Net Worth Surety Bond / Net Worth Call Report when implemented Call Report when implemented Call Report when implemented Fees on NMLS Site MAIN - NMLS - $100 processing / $200 if 2009 Branch - NMLS - $20 processing / $40 if 2009 MAIN - NMLS - $100 processing / $200 if 2009 Branch - NMLS - $20 processing / $40 if 2009 MD - $1,000 full fee / $2,000 if 2009 MD Investigation fee - $100 ALL FEES PAID ON NMLS Fee on MD Site MD - $1000 per yr -Pro-rated through 12/31/10

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