Late CE 1 Hour MD SAFE: Maryland Mortgage Continuing Education (14954)

​​​​​​​This course is approved for "Late CE" credit only.

The Office of the Commissioner of Financial Regulations (the "Office") requires Maryland mortgage licensees to take a 1-hour course on Maryland-specific regulations as part of their annual continuing education requirement to maintain their license.

This 1-hour course will explain many of the Maryland state laws that are enforced by the Office and must be followed by those working in the lending industry.

The first module of this course will start by reviewing the state's usury laws, which limits the amount of interest that can be charged to a borrower.

We'll then review a variety of acts and regulations such as the Secondary Mortgage Loan Law (SMLL) and Maryland Mortgage Fraud Protection Act (MMFPA).

The third module will outline the mediation rules that must be followed for borrowers who are in default, and the last module will summarize mortgage contract rules.

Licensees who do not complete their annual mortgage license training may be placed in a Reinstatement Period and are prohibited from practicing mortgage loan origination activities until their licenses are reactivated and their continuing education requirements have been completed. Licensees have until the end of February to bring their licenses up to date. A penalty Reinstatement Fee may apply when renewing your license. A license will expire if it is not renewed during the Reinstatement Period.

Not every state agency allows for reinstatement of a license. Check the Annual Renewal Information page on the NMLS website to verify if the agency you are licensed under allows for reinstatement, when the last date of reinstatement is, and what the applicable penalty fees may be.

• https://mortgage.nationwidelicensingsystem.org/slr/common/renewals/Pages/default.aspx

Topics and Learning Objectives

This course is broken down into several learning topics. At the end of the course a 15-question final exam will be given. The topics included in this course are:

1. The Interest and Usury Law (10 minutes)
2. Maryland Specific Mortgage Laws (15 minutes)
3. Foreclosure Mediation Rules (9 minutes)
4. Mortgage Loan Negotiations and Contracts Rules (6 minutes)
5. Final Exam (10 minutes)

Total study time: 1 credit hour (50 minutes)

This course will prepare Maryland-licensed MLOs to:

• Outline the interest rate limits for residential property loans as well as various expenses that do not count towards the maximum interest rate allowed by law.
• Describe the rules pertaining to lender escrow accounts.
• Summarize the purpose of the Secondary Mortgage Loan Law (SMLL), the Financing Agreements Law, the reverse mortgage law, and the Maryland Mortgage Fraud Protection Act (MMFPA).
• List the steps necessary to offer law-required foreclosure mediation options to a borrower facing mortgage default.
• Recognize the borrower protection requirements that must be followed when negotiating mortgage loans.
• Understand the penalties for violating the state's usury laws, the Financing Agreements Law, reverse mortgage regulations, and the MMFPA.

NMLS ID Required

You must have an NMLS ID to receive credit for this course. You will need this number before you begin the course.

If you already have an NMLS ID but don't remember what it is:

• Login into NMLS
• Click on the Composite View tab.
• Click View Individual on the sub-header row.
• The number that appears in parentheses after your name is your NMLS ID number.

If you do not have an NMLS ID and need to obtain one, use the instructions available in the NMLS Resource Center.