Get Licensed in Maryland to broker and originate mortgages. We can help facilitate the entire process from start to finish to obtain your state licenses. Below is the general licensing requirements for the state, you can add to cart online and check out to purchase our services. The fees listed below are only our consulting service fees and do not include third party fees involved in obtaining the licenses.
"Upload a compiled, reviewed or audited financial statement prepared by a Certified Public Accountant in accordance with Generally Accepted Accounting Principles OR any other recognized comprehensive basis of accounting approved by the Commissioner, and dated within 90 days of the applicant’s fiscal year end. Financial statements should include a Balance Sheet, Income Statement and Statement of Cash Flows and all relevant notes thereto. The financial statement must show a minimum tangible net worth as indicated below, based upon the amount of money lent and the size of the servicing portfolio. Aggregate Mortgage Lending In Prior 12 Months Minimum Tangible Net Worth Applicant did not lend, or lent $1,000,000 or less $25,000 $1,000,000.01 to $5,000,000 $50,000 $5,000,000.01 to $10,000,000 $100,000 More than $10,000,000 $250,000 Size of Servicing Portfolio Minimum Tangible Net Worth $50,000,000 or less $100,000 $50,000,001-$100,000,000 $250,000 $100,000,001-$250,000,000 $500,000 More than $250,000,000 $1,000,000 GSE-approved servicer As required by GSE If applicant has not proven that the applicant meets the minimum net worth requirement via financial statement, provide proof that the requirement is met through one of more of the follow: 1. Cash on deposit with a bank or depository institution. Provide a bank letter (on bank’s stationery and signed by an officer of the bank) verifying: a. The account balance; b. The type of account in which the funds are held: and c. That the funds are not encumbered or hypothecated in any way. 2. A working capital line of credit from a bank or depository institution. Provide a copy of the line of credit agreement and promissory note. A line of credit may not be used to satisfy more than 75% of the minimum tangible net worth requirements A line of credit may not be used toward satisfying a servicer’s tangible net worth requirement 3. Other assets; or A combination of cash, a line of credit, and/or other assets. See Md. Code Ann., Fin. Inst. § 11-508.1. Note: Financial statements are uploaded separately under the Filing tab and Financial Statement submenu link. See the Financial Statements Quick Guide for instructions."
The Resident Agent must be listed under the Resident/Registered Agent section of the Company Form (MU1) and must match the information currently on record with the Maryland Department of Assessments and Taxation.
Volume of Mortgage Business In Past 12 Months Min Bond Amount Under $3,000,000 $50,000 $3,000,000 - $10,000,000 $100,000 Over $10,000,000 $150,000
Information Source NMLS website
* Includes 1 Company State license and 1 individual License