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: http://mortgage.nationwidelicensingsystem.org/courseprovider/Pages/courseproviders_edpolicies.aspx