Bad news: there are 50 states (plus territories) to track NMLS requirements, transition plans, and deadlines. Good news: there seems to be some common themes and practices, making it feel a little easier to grasp. This is where I find Maryland mortgage loan originator requirements.

Like all states, Maryland loan originators must complete 20 hours of NMLS prelicense education, including 3 hours of federal law, 3 hours of ethics, 2 hours of nontraditional loans, however, they must also complete 5 hours of Maryland law.

And like all states, they have to pass the SAFE Mortgage loan Originator Test. It is a 2-part test, a national component and a state component, which can be taken separately. Then there is a bonding requirement, passing a background check, and demonstrating financial responsibility. Read the rest of this entry »