SAFEMLOExam.com Examines License Applications and Renewals in Maryland Migrating To NMLS
License applications and renewals in Maryland are migrating to NMLS upon the enactment of House Bill 182. Said bill requires debt collectors and licensees to migrate their license applications and renewals to NMLS (a/k/a Nationwide Multistate Licensing System and Registry). This only means that those who have passed the national mortgage loan originator exam, sales finance companies, installment lenders, credit service businesses, consumer lenders, debt management companies and others would need to register with NMLS.
According to the Department of Labor of Maryland, licensees passing the SAFE MLO (mortgage loan originator) test must transfer their licensing information to NMLS in no less than 2 months from the passage date effective on July 1, 2017. On the other hand, before the period of transfer starts, the state is required to notify the licensees about the effective date and the process of how one can transfer their information. More specifically, they need to notify the licensees at least 30 days before the start of the transfer period.
Because of the amendment, there have also been changes with regard to renewal of SAFE MLO licenses. Previously, the license was valid for two years, but that has been shortened to one year. On the other hand, for those who have already renewed their existing license with two-year terms, there is a process where their two year term license would be replaced with a one year term license with renewal every January 1st. This is the state’s way of ensuring that the licensees are indeed credible and qualified to work in this industry.
When it comes to the cost or the fees that the one needs to pay to apply for a license or to renew the license that they have, there is no need for them to worry too much, because as the term got shorter, their fees will also be reduced. So, the shift will not pose a significant financial burden.
For people who already have their own license and for people who are just planning to take the mortgage loan originator exam, knowing about this amendment is very important. Also, although it has already been revealed that the law would take effect in July 1, 2017, it is still essential for NMLS licensees in Maryland to watch out for State communications in the future, especially when it comes to the transition to NMLS.
Finally, when it comes to the licenses that are covered by the amendment, several types of consumer credit licenses are covered. In addition to that, Maryland’s move is a continuous move towards the NMLS use of different regulators of financial services in the state.
If you are studying for the NMLS SAFE MLO in Maryland exam, please check out our Maryland specific page for the free practice questions and 5 simulated national examinations. Each exam includes 125 questions like the actual NMLS SAFE MLO exam.