Maryland lenders are regulated by the Department of Labor, Licensing and Regulation. Maryland lenders and personnel are required to register with the NMLS; however, personnel of national and Maryland state-chartered banks are exempt from Maryland licensing requirements. Loan originators of Maryland mortgage banks are required to meet state licensing requirements that include testing, continuing education, criminal background checks and minimum credit report and score requirements. Because of lobbying from big money national banks, most Maryland lenders are exempt from licensing requirements and hire inexperienced, poorly compensated persons off the street and convert them into high volume, low quality loan shop employees. However, mortgage bank personnel are required to meet stringent licensing and education requirements.
When searching for Maryland lenders you would be best served in avoiding national banks and instead opting for state-licensed mortgage banks. If you are specifically seeking out suburban Maryland lenders and are seeking out licensed and market knowledgeable lenders please consider our branch whose personnel are highly experienced, well connected and have met stringent state licensing requirements. We’re Maryland lenders and proud to serve you.