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Become A Mortgage Broker In Maine

Article Summary: This article will help anyone looking for information pertaining to a mortgage license in the state of Maine or anyone looking to 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. Individual employees do not have to be registered. This registration allows the Mortgage Broker (CSO) to handle first and second mortgages, secured and unsecured loans.

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 $10,000. If they open a branch office, an additional $10,000 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 registration application form.

The state of Maine posts a newsletter every year or so if there are changes in the maine mortgage law.

Those who have sought a Mortgage Broker career in Maine have chosen not to be affiliates of the National Association of Mortgage Brokers (NAMB), www.namb.org.

We also offer information and resources for Maine Commercial Mortgage.

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