Do I need a license to Invest in Notes in Maryland

[Nick Patel]

Does anyone know whether you need to be licensed to invest in non-performing notes (1st lien) in Maryland? I called Maryland State board and was told that as a company (LLC or solo Propritership) I am required to have a Mortgage lending license in MD under my LLC. I felt like she may have misunderstood my question or I was not detailed enough on my explanation. I want to ask BP expert on their experience and knowledge to confirm this information is accurate.

After looking at the Maryland licensing requirement, it seems to be a lengthy and the costly process. Plus yearly renewal. My point of view is that if I have my servicing company doing the outreach and all of the legal requirements then why do I need to be licensed (my LLC is just a passive investor with no direct contact to the borrower)?

Thank you in advance for your reply,

Nick Patel