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Mortgage News Daily combines the expertise of some of the housing industry's leading minds with the power of social media to offer an always lively, constantly evolving web community. MND communicates breaking news, streams video, and provides expert opinion and commentary to a community of interested market professionals and curious consumers.Become A Mortgage Broker In Maine
The Consumer Credit
Regulation Department of the Maine Department
of Professional and Financial Regulation, handles all aspects of becoming a Mortgage
Broker in Maine. However, in Maine the government uses the term Credit Service
Organization (CSO), rather than Mortgage Broker.
Although a Mortgage Broker in Maine (CSO) does not need to have or maintain a physical
office within the state, the Mortgage Broker (CSO) does need to register first with the
Maine Office of Consumer Credit Regulation (OCCR), and if a corporation, with the Maine
Secretary of State's Corporate Division Office.
All CSOs and Loan Originators licensed in the state must have registered with the NMLS,
or National Mortgage Licensing
System, and have taken, and passed the SAFE (Secure and Fair Enforcement) test to be
able to conduct business. The National Component of the SAFE test is $92 and each
Maine component is $69. See the NMLS Resource Center for more details.
Only the brokering of mortgages on residential properties comes under the jurisdiction of
the above department. Commercial properties in Maine are considered to be
legal/contractual in nature and are handled by the court system.
While some states allow a Mortgage Broker licensed in another state to act as a broker on
one or two mortgage loans without being registered,
Maine mortgage law does not
allow this.
All Mortgage Brokers (CSO) must also post a Surety Bond in the amount of $25,000. If they
open a branch office, an additional $25,000 Surety Bond must be posted. Although
applicants do not have to furnish financial statements or reports in order to register,
they do need to provide a Resume. The registration fee for the initial year is $200 and
the annual renewal is $100. See the following website for the broker
application.
Those who have sought a Mortgage Broker career in Maine have chosen not to be affiliates
of the National Association of Mortgage Brokers (NAMB) .
Maine Mortgage Forms
|
Maine Reciprocity States
|
- Most mortgage forms can be obtained online.
Ones listed below
pertain to new salespersons and brokers.
- New
Loan Broker Application
- Loan
Broker Bond Form
- Maine
Mortgage Loan FAQ
|
N/A
(as of 2/23/2010)
|
Maine Approved Mortgage Schools Prelicensing and Postlicensing
Education
|
Community Colleges
N/A
|
Private Schools
Abacus Mortgage Training
McKissock.com
TheMortgageTrainingCenter.com
Training Pro
|
Last Update: 2/22/2010
This list may not include all approved schools. Please visit the Consumer Credit Regulation
Department website for the latest list of approved schools. |
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Anonymous Anonymous |
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YOUR MESSAGE HERE
Become A Mortgage Broker In Maine
The Consumer Credit
Regulation Department of the Maine Department
of Professional and Financial Regulation, handles all aspects of becoming a Mortgage
Broker in Maine. However, in Maine the government uses the term Credit Service
Organization (CSO), rather than Mortgage Broker.
Although a Mortgage Broker in Maine (CSO) does not need to have or maintain a physical
office within the state, the Mortgage Broker (CSO) does need to register first with the
Maine Office of Consumer Credit Regulation (OCCR), and if a corporation, with the Maine
Secretary of State's Corporate Division Office.
All CSOs and Loan Originators licensed in the state must have registered with the NMLS,
or National Mortgage Licensing
System, and have taken, and passed the SAFE (Secure and Fair Enforcement) test to be
able to conduct business. The National Component of the SAFE test is $92 and each
Maine component is $69. See the NMLS Resource Center for more details.
Only the brokering of mortgages on residential properties comes under the jurisdiction of
the above department. Commercial properties in Maine are considered to be
legal/contractual in nature and are handled by the court system.
While some states allow a Mortgage Broker licensed in another state to act as a broker on
one or two mortgage loans without being registered,
Maine mortgage law does not
allow this.
All Mortgage Brokers (CSO) must also post a Surety Bond in the amount of $25,000. If they
open a branch office, an additional $25,000 Surety Bond must be posted. Although
applicants do not have to furnish financial statements or reports in order to register,
they do need to provide a Resume. The registration fee for the initial year is $200 and
the annual renewal is $100. See the following website for the broker
application.
Those who have sought a Mortgage Broker career in Maine have chosen not to be affiliates
of the National Association of Mortgage Brokers (NAMB) .
Maine Mortgage Forms
|
Maine Reciprocity States
|
- Most mortgage forms can be obtained online.
Ones listed below
pertain to new salespersons and brokers.
- New
Loan Broker Application
- Loan
Broker Bond Form
- Maine
Mortgage Loan FAQ
|
N/A
(as of 2/23/2010)
|
Maine Approved Mortgage Schools Prelicensing and Postlicensing
Education
|
Community Colleges
N/A
|
Private Schools
Abacus Mortgage Training
McKissock.com
TheMortgageTrainingCenter.com
Training Pro
|
Last Update: 2/22/2010
This list may not include all approved schools. Please visit the Consumer Credit Regulation
Department website for the latest list of approved schools. |
If you would like to opt-out of receiving email forwards from this person please click here to remove your email address.