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WHAT ARE THE REQUIREMENTS FOR A Reverse Mortgage Lenders’ license?

April 26, 2017license requirements reverse mortgage

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WHAT ARE THE REQUIREMENTS FOR A Reverse Mortgage Lenders’ license?

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A. In general, an applicant/licensee must: a. Be licensed as a lender under the Mortgage Licensing Act (Article 19B) unless Exempt.* b. Have and maintain a $500,000 net worth. c. Obtain and maintain a $100,000 surety bond. d. Submit form RM56 with the initial fee of $750 e. Be in good standing (No outstanding complaints and No unsatisfactory examination rating) * An Exempt entity should submit forms MLA04 and RM57 (e.g.