The State of Maine, Department of Professional & Financial Regulation, Consumer Credit Protection, through the National Mortgage Licensing System, is tasked with the licensing of residential mortgage supervised lenders, mortgage loan brokers, non-profit lender, and mortgage loan originators.
The Maine Revised Statutes, Consumer Credit Code, Title 9-A, Article 2, Part 3 defines the licensing of mortgage loan brokers, mortgage supervised lenders, and non-profit lenders.
Mortgage Loan Broker License requirements are:
1. Complete education and pass the examination.
2. Complete the application through the NMLS system and pay the applicable filing fee, credit report fee, and FBI Criminal Background Check fee.
3. Indicate who will be the on-site or branch manager as a qualifying individual. Each branch location must also have a designated on-site manager. For application purposes all branch locations will use the main office address for this field.
4. Submit a business plan that provides marketing strategies, types of loans offered, target area, operating structure and staff to be employed.
5. Provide an organizational chart indicating the structure of the company.
6. Provide formation documentation for applicants that are partnerships, corporations, or limited liability companies.
7. The Resident Agent or Registered Agent must match the name listed with the Secretary of State.
8. Provide an audited financial statement prepared by a Certified Public Accountant, dated within 90 days of the business fiscal year end. Submitted financials must include a balance sheet, income statement, statement of cash flows and any relevant notes. New businesses must provide an initial statement of condition. Supervised and non-profit lenders must have a minimum net worth of $25,000 per office location is required.
9. Provide sample copies of consumer disclosure forms, origination forms, loan modification forms, etc.
10. Provide a Certificate of Authority or a Good Standing Certificate issued by a Secretary of State.
11. Indicate on the application any trade names or dba’s that will be used.
12. If applicant answers Yes to any of the Disclosure Questions, provide complete details and any applicable documents.
13. Complete the Trust Account Authorization.
14. Submit a management chart that provides the applicants divisions, officers, and managers.
15. Supervised mortgage lenders and non-profit lenders must obtain a $50,000 surety bond for the main office and each additional office location. Mortgage loan brokers must obtain a $25,000 surety bond for the main office and each additional office location. The bond form must include the full legal name and must match the name of the applicant.
Premium for either a Maine Mortgage Loan Broker or Supervised Lender Bond is dependent on credit.
The State of Maine requires supervised lender licenses must be renewed by December 31 of each year.