MD Extends Enforcement Deadline for Emergency Legislation on Passive Assignee License Exemption

The Maryland Office of Financial Regulation (OFR) recently announced that it has extended the suspension of mortgage licensing enforcement for certain entities that hold mortgage loans, from April 10, 2025, to July 6, 2025.  OFR also announced that emergency legislation (Senate Bill 1026/House Bill 1516) was introduced to exempt from licensing requirements passive mortgage and installment loan assignees.  OFR noted that the enforcement suspension extension allows affected entities to postpone license applications until they know the outcome of the emergency legislation.

OFR originally issued guidance in January of 2025 requiring licensing for those not otherwise exempt that acquire or obtain mortgage loan assignments, which WBK covered here.  OFR has noted that due to its January guidance, some industry members suspended mortgage operations in Maryland, and it appeared others would suspend operations in the future.