Monthly Archives: August 2013

Revised 5hr PE Requirement for MD Effective October 1, 2013

The Maryland Office of the Commissioner of Financial Regulation (MD-OCFR) has revised its PE requirement for new MLOs.  Effective October 1, 2013, MD-OCFR will require individuals seeking a mortgage loan originator license to complete five (5) hours of MD-specific PE as detailed below:

  • 1 hour covering the Maryland Mortgage Originator Law and Mortgage Originator Regulations
  • 1 hour covering the Maryland Mortgage Lender Law and Mortgage Lender Regulations
  • 1 hour covering Interest and Usury laws, Maryland Equal Credit Opportunity Act, Credit laws, Real Property Law, Administrative Procedures Act, Criminal Law (including issuing counterfeit private instruments and documents), and any other subsequent act(s) or regulation(s) applying to mortgage lender or mortgage loan originators
  • 2 hours covering the Maryland finder’s fee law

The five hours of education may be offered as a 5 hour state-specific elective course, or may be included as part of the 20 hours of PE that is required by the SAFE Act.

Existing Maryland state-specific education courses must either be modified to comply with the revised requirements or be retired by October 1, 2013. If the course is updated, the course description is also to be updated with a statement noting that the course meets MD-OCFR’s new requirements.  Existing courses not modified or replaced by October 1, 2013 will no longer be approved and will be removed from the NMLS Master Course Catalog.   Specific details and a reference list which may be used to create course content is available on the course provider page of the NMLS Resource Center at:

NMLS Seeking Course Evaluators

The State Regulatory Registry (SRR) is seeking subject matter experts to serve as course evaluators to assist in the evaluation and approval of pre-licensure (PE) and continuing education (CE) courses.  These courses will be taken by individuals seeking to satisfy the state licensure requirements for Mortgage Loan Originators (MLOs).   A job description, qualifications, and application requirements are available here:

CFPB Releases Second Update Of Exam Procedures for Mortgage Rules

On Thursday, the Consumer Financial Protection Bureau (CFPB) released a second update to its exam procedures in connection with the new mortgage regulations issued in January 2013. The interim exam procedures offer valuable guidance to financial institutions and mortgage companies on what the CFPB will be looking for as the rules become effective.  Read more