MD now requires a minimum Net Worth [effective 6-1-2008] which will be applied to new Company or Branch License Applicants and upon renewal of an existing License. Minimum Net Worth Amounts: $25,000 [for 0-$1M Loan Amounts closed in last 12 months] $50,000 [for $1M-$5M Loan Amounts closed in last 12 months] $100,000 [for $5M+ Loan Amounts closed in last 12 months]
Taking effect on 1-1-2009, $250,000 [for $10M+ Loan Amounts closed in last 12 months]. The law does not make a distinction in its application whether the Licensee only operates as a broker or operates as a lender except for the $250,000 amount that only applies to lenders and not brokers or servicers.
Proof: Compiled, Reviewed or Audited Financial Statement by CPA not older than 12 months and signed and notarized by Company or Bank Letter that cash in bank both unencumbered and unhypothecated or letter of credit.
If you need all the latest mortgage licensing law changes built into a compliance system that your Licensing Staff can manage your Company, LO and Branch Office licenses with confidence at an affordable flat monthly rate then subscribe to Thomas Licensing's National Mortgage Licensing Compliance System called mLicense Direct
