Getting your Maryland loan officer license might seem daunting, but we’re here to guide you through the process.
Read on to learn about the 6 steps you’ll need to complete before starting your career as a Maryland Mortgage Loan Officer (MLO). We’ve also answered some of the most common questions that prospective Maryland Loan Officers have as they consider this exciting new career.
Before beginning the educational component of licensing, prospective Loan Officers must create an NMLS (Nationwide Multistate Licensing System & Registry) account on the State Mortgage Registry website. NMLS is a national database in which all MLOs must register. After creating their account, applicants receive a personal NMLS number that will be maintained for the duration of their time working as a Loan Officer.
In Maryland, you’re required to complete 20 hours of coursework in order to meet the education requirements. The courses include the following:
3 hours of Federal Law
3 hours of Ethics
2 hours of Non-Traditional Mortgage Lending
7 hours of Electives
5 hours of Maryland SAFE Review of Mortgage Law
The Maryland-specific 5-hr. course is required by the Maryland state licensing agency, also known as the Maryland Department of Labor. It must include 3 hours of Maryland mortgage-related law and 2 hours of Maryland’s finder-fees law.
The SAFE MLO Test can be scheduled by visiting the NMLS website. Applicants use their existing account number to schedule the exam. The exam has 115 scored questions, and test takers must answer at least 75% correctly. It costs $110 to take, and students are given 3 hours and 10 minutes to complete the test. You can learn more by reviewing the MLO Testing Handbook.
Applicants will need to login into their NMLS account and head to the Filing section. From there, click on the Criminal Background Check tab. You will authorize a Federal Criminal Background Check by completing the fields and clicking Attest.
Then, applicants must schedule an appointment to submit their fingerprints. In the portal, users will click on the Composite View button then select Criminal Background Requests. In this module, you can schedule your fingerprinting appointment by clicking the “Fieldprint” button.
The total cost of the state and FBI criminal background check is $36.25.
Your Maryland Loan Officer License will remain in pending status until your employing sponsorship is verified with NMLS. This verification is completed inside of the NMLS portal. Users will visit the Form Filing Home screen, then click Company Access. They’re then prompted to add their employer sponsorship by submitting employment details. Once the sponsoring employer receives notice of the verification request, they can approve the sponsorship. Upon approval, applicants are officially licensed.
Your Loan Officer License will remain in pending status until your employing sponsorship is verified with NMLS. This verification is completed inside of the NMLS portal. Users will visit the Form Filing Home screen, then click Company Access. They’re then prompted to add their employer sponsorship by submitting employment details. Once the sponsoring employer receives notice of the verification request, they can approve the sponsorship. Upon approval, applicants are officially licensed.
Pre-Licensure Education
Criminal Background Check
Credit Report
Initial License
NMLS Processing Fee
According to Maryland Department of Labor, a Mortgage Loan Officer is defined as follows:
A Mortgage Loan Originator is an individual who for compensation or gain, or in the expectation of compensation or gain, takes a loan application or offers or negotiates the terms of a mortgage loan. Refer to Maryland Code, Financial Institutions Article, Title 11, Subtitle 6 (Maryland Mortgage Originator Law) for legal requirements.
Note: The titles “Mortgage Loan Officer” and “Mortgage Loan Originator” are often used interchangeably, including in the summary above.
According to ZipRecruiter, Maryland Mortgage Officers make approximately $74,000 per year on average as of October 2021. The 75th percentile of earners makes above $100,000, while the bottom 25th makes under $35,000. Top earners can earn more than $120,000 in Maryland.
Maryland has a lot going for it and it shows. The real estate market has proven strong and has pushed home values up 14.4% since last year. Maryland's proximity to Washington D.C., which has some of the highest earners in the country, along with its own unique features, make Maryland both a great place to live and invest. Maryland and its neighbors should see an increased demand for mortgages.
It pays to be a Mortgage Loan Officer in Maryland. The median home cost in Maryland is $375,000. At a commission rate of 1%, that’s a $3,750 payment for the MLO once the loan is secured. Here are the average home payouts in a few Maryland locations:
Baltimore: Average Home Price: $200,000 Average Commission: $2,000 | Columbia: Average Home Price: $428,000 Average Commission: $4,280 | Annapolis: Average Home Price: $515,000 Average Commission: $5,150 | Germantown: Average Home Price: $368,000 Average Commission: $3,680 |
The Most Expensive Listing in Maryland: Home Price: $25,000,000 Your Commission: $250,000 |
All average home price figures were collected from Zillow.
If you’re looking to get in contact with mortgage loan companies to ask about the profession, services, or employment opportunities, you can contact any of the following local businesses:
PNC Bank (Baltimore)
Meridian Bank (Columbia)
Movement Mortgage (Germantown)
Moreira Team (Bowie)
