Among other things, Maryland has amended its mortgage lender law as follows:

Tangible Net Worth required by activity

• Mortgage broker: $25,000
• Mortgage servicer operating as an approved servicer for a GSE: the largest amount required by the standards of the GSE
• Mortgage servicer not operating as an approved servicer for a GSE: 100,000 to $1 million, based on size of servicing portfolio.
• Mortgage lender: $25,000 to $250,000 based on loan volume in preceding 12 months.

Licensee change of place of business:

• Removes the requirement to file a new application upon failure to give timely notice of a change of place of business.

Licensee Record Retention:

• Increased from 25 months to 61 months.

Changes to Commissioner’s Licensee Examination Schedule:

• New licensees within 18 months after license issuance; and
• Each licensee shall be examined at least once during any 60-month period (changed from 36 months).