Maryland Code, FINANCIAL INSTITUTIONS 11-505
Terms Used In Maryland Code, FINANCIAL INSTITUTIONS 11-505
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(b) Only one place of business may be maintained under any one license.
(c) A mortgage lender may maintain more than one license under this subtitle provided that a separate application for each license is made pursuant to § 11-507 of this subtitle and the Commissioner approves such application.
(d) (1) (i) Each license provided for through NMLS shall include the following information:
1. The name of the licensee;
2. The address at which the business is to be conducted; and
3. The unique identifier of the licensee.
(ii) The unique identifier of the licensee shall constitute the license number for the license.
(2) A person may not conduct any mortgage loan business at any location or under any name different from the address and name that appears on the person’s license.
(e) (1) A licensee may not allow any note, or loan contract, mortgage, or evidence of indebtedness secured by a secondary mortgage or deed of trust on a dwelling or residential real estate to be signed or executed at any place for which the person does not have a license, except at the office of:
(i) The attorney for the borrower or for the licensee; or
(ii) A title insurance company, a title company, or an attorney for a title insurance company or a title company.
(2) Notwithstanding paragraph (1) of this subsection, a licensee may conduct the loan closing at another location at the written request of the borrower or the borrower’s designee to accommodate the borrower because of the borrower’s sickness.
(3) The Commissioner shall adopt regulations to ensure that the loan application process is conducted fairly and in a manner consistent with the best interests of both the borrower and mortgage lender.
(f) A license may be issued under this subtitle to a business entity whose principal office is located outside this State provided that the business entity maintains a resident agent within the State at all times during the term of the license, regardless of whether:
(1) The business entity maintains any office within the State; or
(2) The activities of the business entity constitute doing business or having a tax situs in this State under the applicable provisions of the Corporations and Associations Article.
(g) A person exempt from licensing under this subtitle who employs a mortgage loan originator licensed under Subtitle 6 of this title shall be registered with the Nationwide Mortgage Licensing System and Registry.