Maine Mortgage Broker License Guide

In Maine, anyone engaged in the residential mortgage loan business must be licensed at the state level. The licenses are issued and regulated by Maine Bureau of Consumer Credit Protection.

The application process is handled by the Nationwide Mortgage Licensing System (NMLS). NMLS allows mortgage brokers, lenders, and loan originators to apply or renew a license online.

If you'd like assistance with the licensing process, our mortgage broker licensing partner can make the process seamless for you; learn more here.

There are three major state license types in ME: Company, Branch, and Individual. Each license type depends on the work you will perform. The mortgage licenses are further subdivided into Loan Brokers, Supervised Lenders, and Loan Originators.

In this guide, we’ll cover the most common licenses only. You can review the full list on the NMLS website.

Most Common Company Licenses

• Loan Broker License – allows companies and sole proprietorships to engage in credit service business activities and arrange mortgage loans for residential properties within the state.
• Supervised Lender License - allows companies and sole proprietorships, excluding banks and credit unions, to make residential mortgage loans to ME consumers.

Most Common Branch Licenses

• Loan Broker Branch License - allows locations, other than the main office stated on the Loan Broker License, to engage in credit activities and arrange mortgage loans.
• Supervised Lender Branch License - allows locations, other than the main office indicated on the Supervised Lender License, to make mortgage loans.

Most Common Individual Licenses

• Mortgage Loan Originator - permits individuals to take mortgage loan applications (for ME residential properties) and offer or negotiate the terms of the loan.

All license applications are to be submitted online via NMLS. Note that some agency-specific documents, such as the original bond, must be mailed directly to the Bureau of Consumer Credit Protection. You may mail your documentation to one of the following addresses:

• For the U.S. Postal Service: Department of Professional and Financial Regulation, Bureau of Consumer Credit Protection, 35 State House Station, Augusta, ME 04333.
• For overnight delivery: Department of Professional and Financial Regulation, Bureau of Consumer Credit Protection, 76 Northern Avenue, Gardiner, ME 04345.

For additional assistance or questions regarding the license requirements, you may contact the Bureau at (207) 624-8527 or [email protected].

For questions in regards to your NMLS profile or application process, please contact their call center at (855) 665-7123.

In the state of Maine, passing an exam is obligatory for some, but not all licenses. To obtain a Mortgage Loan Originator license, you are required to complete a course and pass an exam.

Exams for Individual Licenses

• Mortgage Loan Originator License - All individual license applicants are required to complete a pre-licensure course and pass a Mortgage Loan Originator exam.
   

  The education course needs to be at least 20 hours and must be divided into 3 hours of federal law, 3 hours of ethics, 2 hours of non-traditional mortgage lending and 12 hours of undefined education. You can find a list of approved providers on the NMLS education page.

  Once the pre-license education course has been completed, you can enroll for the exam via NMLS. You can schedule an examination date through your NMLS profile or by getting in touch with the exam administrator Prometric at (877) 671-6657.

  On the NMLS testing page , you will find further information on how to prepare and take the mortgage loan originator exam.

Bonds for Company License

• Loan Broker License – Loan Broker applicants are required to upload and mail an original surety bond in the amount of $25,000. Please mail your bond form to ME Bureau of Consumer Credit Protection.
• Supervised Lender License - All license applicants must upload and mail (to the ME Bureau of Consumer Credit Protection) a surety bond of $50,000.

Bonds for Branch Licenses

• Loan Broker Branch License – Loan Broker Branch applicants must submit and mail a surety bond to ME Bureau of Consumer Credit Protection. The amount of the bond must be $25,000.
• Supervised Lender Branch License - Each additional Supervised Lender location must submit a surety bond in the amount of $50,000. Please mail your bond form to ME Bureau of Consumer Credit Protection.

Bonds for Individual Licenses

• Mortgage Loan Originator License – Unless covered under a licensed loan broker/supervised lender’s company bond, each applicant must furnish an original surety bond in the amount of $25,000. Note that you are required to mail your bond form to the ME Bureau of Consumer Credit Protection.

All fees are non-refundable and must be submitted via NMLS.

Fees for Company Licenses

• Loan Broker License
  • $500 total license costs (including the NMLS processing fee).
• Supervised Lender License
  • $250 application fee.
  • $100 NMLS processing fee.

Fees for Branch Licenses

• Loan Broker Branch License
  • $190 total license costs (including the NMLS processing fee).
• Supervised Lender Branch License
  • $100 application fee.
  • $20 NMLS processing fee.

Fees for Individual Licenses

• Mortgage Loan Originator License
  • $20 application fee.
  • $30 NMLS processing fee.
  • $15 credit report fee.
  • $36.25 background check.
  • $100 exam fee.