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About Maryland Mortgage Licensing: How To Get A Maryland NMLS Mortgage License

Do You Need To Have A License To Be A Mortgage Loan Officer In Maryland? If So, How Do You Get A Mortgage License?

Mortage Loan Officers need to be licensed by the state in which they do business, which means they must complete the pre-licensing education requirements, pass the state and national SAFE / NMLS exam with a score of 75% or better, then take eight hours of annual continuing education courses to maintain their license.

What Do Mortgage Brokers In Maryland Do?

A mortgage broker is a licensed professional that acts as a middleman between lenders and purchasers in Maryland cities such as Baltimore, Columbia, Germantown, Silver Spring, Ellicott City, and Frederick. The broker works to find a mortgage lender with terms and rates that best fit the customer's needs, then going through the required processes and working with the mortgage underwriter to get the loan approved.

What Is The Difference Between A Mortgage Broker And A Mortgage Loan Officer?

Basically, the Mortgage Broker is the business owner and the Mortgage Loan Officer is an employee of the Mortgage Broker. In some instances, like a single-person shop, the Mortgage Broker does the work of the Loan Officer. Bottom line, the Mortgage Broker is responsible for the work output and complying with applicable laws.

What Does A Mortgage Loan Officer Do?

A Mortgage Loan Officer starts the mortgage application process by gathering from potential borrowers the information needed to start that borrower's loan review process. This includes things like W2s, 1099s, bank statements, tax returns, etc.

They are responsible for working with the borrower to complete mortgage loan application, submitting the application to underwriting, following up on any additional information needed or requested from the underwriter, then communicating the loan decision to the potential borrower.

How Do Mortgage Brokers Make Money?

Mortgage brokers make money by dealing with lenders who discount the cost of their mortgage product to allow a mortgage broker the ability to charge a fee by submission of a loan package for funding. This relationship between a mortgage broker and a lender is called wholesale lending.

How To Earn Your NMLS Mortgage License In Maryland

Potential Mortgage Brokers in Maryland can earn their Maryland mortgage license by:

• Applying for an NMLS account and ID number
• Completing your NMLS pre-licensing course requirements (see recommended NMLS licensing courses below)
• Passing your SAFE licensing exam

Get started by selecting a mortgage pre-licensing course from the list below.

About Maryland Mortgage Licensing Requirements

The Mortgage Training Center offers both online and in-person NMLS licensing and NMLS training courses. Simply choose your preferred option from the recommended courses listed on this page, or you can choose "NMLS" and your resident state from the "Licensing" section of the search box herein.