Maine Mortgage License Requirements
Learn about the Maine mortgage education requirements for mortgage licensing.
In the state of Maine, mortgage loan originators are required to:
- Complete a Criminal Background Check (CBC).
- Authorize a credit report through the NMLS.
- Fulfill all state and federal education requirements as designated by your state agency.
- Take and pass a National Test.
- Surety Bond or Net Worth: The Maine SAFE Act requires mortgage loan originators (MLOs) to meet certain bonding or net worth requirements, but then states that MLOs may, under certain circumstances rely on the bonds posted by, or net worth demonstrated by, their employers. The Bureau of Consumer Credit Protection has issued an Order Governing Interim Procedures that clarifies that for those mortgage loan originators who are employed by (or who are the exclusive agents of) licensed supervised lenders or loan brokers, the surety bonds provided as part of the supervised lender’s or loan broker’s license applications with the State, can serve as appropriate substitutes for individual surety bonds posted as part of the NMLS MLO licensing process. Those MLOs who are not employed by, or the exclusive agents of, a licensed supervised lender or loan broker, can either post an individual surety bond, or can demonstrate net worth of at least $25,000 utilizing a CPA’s audited report, reviewed report or compilation report (personal balance sheet).
Maine NMLS Pre-Licensing Education Requirements:
New state-licensed MLOs are required to complete 20 hours of NMLS-approved education. This includes:
- 3 hours of federal law
- 3 hours of ethics
- 2 hours of non-traditional mortgage lending
- 12 hours of electives
Maine Continuing Education Requirements:
State-licensed MLOs are required to complete 8 hours of NMLS-approved mortgage education annually beginning the year they are licensed (unless PE was completed in the same year). This includes:
- 3 hours of federal law
- 2 hours of ethics
- 2 hours of non-traditional mortgage lending
- 1 hour of electives
MLOs are advised that to comply with the SAFE Act’s “successive years” rule, they may not take the same CE course two years in a row.
Maine Mortgage Licensing:
- Maine Bureau of Consumer Credit Protection
- Phone: 207-624-8527
- Email: LoanOfficerReg@maine.gov
- Website: www.maine.gov/pfr/consumercredit/index.shtml
NMLS Resources:
- Maine MLO License Description Page
- Professional Standards: Mortgage Education
- Professional Standards: Criminal Background Check
- Professional Standards: Credit Report
- Professional Standards: MLO Testing