Maine Loan Broker License
November 10, 2022Massachusetts Mortgage Broker License
November 10, 2022
Maryland Mortgage Lender License
$1,585.00 Processing Fee
“Upload a compiled, reviewed or audited financial statement prepared by a Certified Public Accountant in accordance with Generally Accepted Accounting Principles OR any other recognized comprehensive basis of accounting approved by the Commissioner, and dated within 90 days of the applicant’s fiscal year end. Financial statements should include a Balance Sheet, Income Statement and Statement of Cash Flows and all relevant notes thereto. The financial statement must show a minimum tangible net worth as indicated below, based upon the amount of money lent and the size of the servicing portfolio.
Aggregate Mortgage Lending In Prior 12 Months Minimum Tangible Net Worth
Applicant did not lend, or lent $1,000,000 or less $25,000
$1,000,000.01 to $5,000,000 $50,000
$5,000,000.01 to $10,000,000 $100,000
More than $10,000,000 $250,000
Size of Servicing Portfolio Minimum Tangible Net Worth
$50,000,000 or less $100,000
$50,000,001-$100,000,000 $250,000
$100,000,001-$250,000,000 $500,000
More than $250,000,000 $1,000,000
GSE-approved servicer As required by GSE
If applicant has not proven that the applicant meets the minimum net worth requirement via financial statement, provide proof that the requirement is met through one of more of the follow:
1. Cash on deposit with a bank or depository institution. Provide a bank letter (on bank’s stationery and signed by an officer of the bank) verifying:
a. The account balance;
b. The type of account in which the funds are held: and
c. That the funds are not encumbered or hypothecated in any way.
2. A working capital line of credit from a bank or depository institution. Provide a copy of the line of credit agreement and promissory note.
A line of credit may not be used to satisfy more than 75% of the minimum tangible net worth requirements
A line of credit may not be used toward satisfying a servicer’s tangible net worth requirement
3. Other assets; or
A combination of cash, a line of credit, and/or other assets.
See Md. Code Ann., Fin. Inst. § 11-508.1.
Note: Financial statements are uploaded separately under the Filing tab and Financial Statement submenu link. See the Financial Statements Quick Guide for instructions.”
“Upload a compiled, reviewed or audited financial statement prepared by a Certified Public Accountant in accordance with Generally Accepted Accounting Principles OR any other recognized comprehensive basis of accounting approved by the Commissioner, and dated within 90 days of the applicant’s fiscal year end. Financial statements should include a Balance Sheet, Income Statement and Statement of Cash Flows and all relevant notes thereto. The financial statement must show a minimum tangible net worth as indicated below, based upon the amount of money lent and the size of the servicing portfolio.
Aggregate Mortgage Lending In Prior 12 Months Minimum Tangible Net Worth
Applicant did not lend, or lent $1,000,000 or less $25,000
$1,000,000.01 to $5,000,000 $50,000
$5,000,000.01 to $10,000,000 $100,000
More than $10,000,000 $250,000
Size of Servicing Portfolio Minimum Tangible Net Worth
$50,000,000 or less $100,000
$50,000,001-$100,000,000 $250,000
$100,000,001-$250,000,000 $500,000
More than $250,000,000 $1,000,000
GSE-approved servicer As required by GSE
If applicant has not proven that the applicant meets the minimum net worth requirement via financial statement, provide proof that the requirement is met through one of more of the follow:
1. Cash on deposit with a bank or depository institution. Provide a bank letter (on bank’s stationery and signed by an officer of the bank) verifying:
a. The account balance;
b. The type of account in which the funds are held: and
c. That the funds are not encumbered or hypothecated in any way.
2. A working capital line of credit from a bank or depository institution. Provide a copy of the line of credit agreement and promissory note.
A line of credit may not be used to satisfy more than 75% of the minimum tangible net worth requirements
A line of credit may not be used toward satisfying a servicer’s tangible net worth requirement
3. Other assets; or
A combination of cash, a line of credit, and/or other assets.
See Md. Code Ann., Fin. Inst. § 11-508.1.
Note: Financial statements are uploaded separately under the Filing tab and Financial Statement submenu link. See the Financial Statements Quick Guide for instructions.”