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09.03.09.00.htm 09.03.09.00. Title 09 DEPARTMENT OF LABOR, LICENSING, AND REGULATION Subtitle 03 COMMISSIONER OF FINANCIAL REGULATION Chapter 09 Mortgage Loan Originators Authority: Business Regulation Article, §2-105; Financial Institutions Article, §2-105.1, 11-602, 11-603.1, 11-605, 11-606, 11-609, 11-612, 11-612.1, and 11-613(b) Annotated Code of Maryland
09.03.09.01.htm 09.03.09.01. 01 Scope.. This chapter governs the conduct of any individual employed as a mortgage loan originator with respect to residential real estate located in this State.
09.03.09.02.htm 09.03.09.02. 02 Definitions.. A. In this chapter, the following terms have the meanings indicated.. B. Terms Defined.. 1) "Applicant" means an individual applying for a license.. 2) "Average prime offer rate" has the meaning stated in 12 CFR Part 1026, as may be amended from time to time.3) "Commissioner" has the meaning stated in Financial Institutions Article, §1-101, Annotated Code of Maryland.4) "Continuing education" or "course" means an educational program related to mortgage lending or br
09.03.09.03.htm 09.03.09.03. 03 Education and Testing Requirements.. A. Prelicensing Education. To qualify for a license, a mortgage loan originator shall have:. 1) Successfully completed at least 20 hours of prelicensing education as required by Financial Institutions Article, §11-606, Annotated Code of Maryland, which shall include at least the following subjects in the number of hours indicated:a) Federal law and regulations relating to mortgage origination ― 3 hours;.
09.03.09.04.htm 09.03.09.04. 04 Duty of Care.. A. Good Faith and Fair Dealing. A mortgage loan originator has a duty of good faith and fair dealing in communications and transactions with a borrower, including, but not limited to:1) The duty to recommend to a borrower or induce a borrower to enter into only a mortgage loan refinancing that has a net tangible benefit to a borrower, considering all of the circumstances, including the terms of a loan, the cost of a loan, and the borrower's circumstances; and
09.03.09.05.htm 09.03.09.05. 05 Applications.. A. The Commissioner shall approve or deny an application for an initial license, a renewal license, or a license amendment within 60 days after the Commissioner receives a completed application, including a surety bond and all required fees.B. If the Commissioner notifies an applicant that an application for an initial license, a renewal license, or a license amendment is incomplete, the Commissioner shall itemize the steps which the applicant must take to compl
09.03.09.06.htm 09.03.09.06. 06 Fees.. A. Application Investigation Fee. The nonrefundable investigation fee required by Financial Institutions Article, §11-604(c)1) Annotated Code of Maryland, is $1.B. Initial License Fee.. 1) The license fee required by Financial Institutions Article, §11-606(b)2) Annotated Code of Maryland, is $225 for a 1-year license term.2) In addition to the initial license fee set forth in §B(1) of this regulation, an applicant for a license shall pay to NMLSR the license application
09.03.09.07.htm 09.03.09.07. 07 Locations.. A. A mortgage loan originator may not conduct mortgage lending business at any location different from the address that appears on the license or licenses of the mortgage loan originator’s employer.B. Notwithstanding §A of this regulation, a mortgage loan originator may take a loan application or offer or negotiate terms of a mortgage loan at a location other than the address that appears on the license or licenses of the mortgage loan originat
09.03.09.08.htm 09.03.09.08. 08 Loan Origination Under Expired License.. A. A person may not take or receive a mortgage loan application or offer or negotiate the terms of a mortgage loan without a license.B. Notwithstanding §A of this regulation, a mortgage loan originator operating under an expired license resulting from a failure to timely renew may offer or negotiate the terms of a mortgage loan if:1) The application for the mortgage loan was taken or received before the deadline for renewal of th
09.03.09.09.htm 09.03.09.09. 09 Advertising and Solicitation.. A. A mortgage loan originator may not publish, or cause to be published, any advertisement, or make or cause to be made any representation, that:1) Contains any false, misleading, or deceptive statements regarding the making, brokering, or servicing of mortgage loans; or2) Misrepresents terms, availability, rates, or charges incident to a mortgage loan.. B. Licensee Name and Address.. 1) A mortgage loan originator may not advertise un
09.03.09.9999.htm 09.03.09.9999. Administrative History Effective date: March 13, 2006 (33:5 Md. R. 519). Regulation .01 amended effective March 15, 2010 (37:5 Md. R. 427). Regulation .02B amended effective November 3, 2008 (35:22 Md. R. 1957) January 1, 2009 (35:26 Md. R. 2247)Regulation .02B amended as an emergency provision effective July 1, 2009 (36:15 Md. R. 1159) emergency status extended at 37:3 Md. R. 170; emergency status expired effective March 15, 2010
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