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Maine.gov > PFR Home > Consumer Credit Home Page > FAQs - Loan Officer Registration

Frequently Asked Questions - Loan Officer Registration

Who should be registered?

All loan officers who are employed by supervised lenders or loan brokers, whose primary job responsibilities include direct contact with mortgage applicants and who accept applications for and originates, negotiates, solicits, arranges for or obtains mortgage loans. Registration is only required of those loan officers who will have direct contact with Maine consumers. The term loan officer applies to a president or director of a company if that individual’s job description otherwise meets the requirements for registration. Employees who conduct purely administrative or clerical tasks are not required to register.


If my company is a wholesale lender or just servicing loans only and has no contact with Maine consumers, do I need to register any loan officers?

If your company has any employees that work with Maine loans applicants, even indirectly, then your company does need to register these employees. However, since most wholesale lenders or servicers are not working with applicants (rather, they are working with existing customers), it is not necessary to register those employees who service existing loans.

How do I register my loan officers?
This is an online process that can be done manually with each loan officer. The website is www.credit.maine.gov. The link is found under “Register Online ”. The system will prompt you to fill in information about yourself (that is, the person entering the information), your company’s license number and FEIN.

Which location should I list when registering my loan officers?

The loan officer should be listed under their primary work location. For example, if your company has a main office and a branch, the officer should be listed under the location that they work out of most often. It is possible to change the location of your loan officer online if this information changes.

I made a mistake when registering one of my loan officers. How can I correct the information?

Online services include adding a loan officer, terminating a loan officer or changing the location of a loan officer. You can do this by clicking on “loan officer list”. Other errors, including spelling mistakes and errors to the social security number, must be made internally by the Office of Consumer Credit Regulation.

How do I terminate one of the loan officers listed for my company?
You can do this online, by clicking on “loan officer list” under the company’s license number and FEIN. The online registration program allows you to change locations, add or terminate employees.

What is the fee for registering my loan officers and when should it be sent?
The fee is $20.00 per loan officer, with a maximum fee of $400.00 per company. An annual invoice will be sent to the company, due by January 31 of each year.

How often do I need to register my loan officers or make changes?
Updates must be made as soon as possible, but no later than 90 days after changes in the employment status of any loan officers. The invoice is also mailed to your company once per year, each November or December. Brokers and lenders must make changes to their loan officer lists throughout the year, by adding, terminating, or changing locations. The annual invoice will be based on the current number of loan officers listed in your company at the time the annual notification is sent.

Do my loan officers need to be individually bonded or licensed?

The Maine Office of Consumer Credit Regulation does not require individual loan officers to be bonded or licensed.

Is there a background check or fingerprint requirement for loan officers?

No, not at this time.

Is there a continuing education requirement for loan officers?

Yes. Effective February 10, 2007, Rule 500 requires all loan officers to complete annual educational requirements. See Rule 500 here.

I am trying to register my loan officers online and I am getting an error message. The message says that my license number and FEIN do not match. What should I do?

First, make sure you are entering the correct license number and FEIN (also called the Federal ID Number). Sometimes, a company’s FEIN may change from what it was originally. For example, if your company went from a corporation to an LLC, the FEIN usually changes. It is important to check the records and ensure the current FEIN is being used. Our agency needs to be notified of any changes to the FEIN so we can make sure our records are correct. Occasionally, the error message requires contacting the Office of Consumer Credit Regulation directly.

My company has changed from a Loan Broker to a Supervised Lender. What do I need to do?

It is your company’s responsibility to edit and maintain your Loan Officer information. Therefore, in this instance, you would need to terminate the Loan Officers associated with your Loan Broker license and enter them under your new Supervised Lender license. This change should be made within 30 days of your transfer request. There are no additional registration fees associated with this required maintenance.

My company is no longer licensed with your agency. Do I still need to register my loan officers?

No. If your company’s license is terminated with the State of Maine it is not necessary to register loan officers. However, it is important to send back the annual notification form with a short explanation so we can update our records, AND it is your company’s responsibility to terminate your Loan Officers from our website as soon as possible.

Where can I find the Maine Consumer Credit Code online so that I may better understand the law and thereby assure my compliance?

The Maine Consumer Credit Code can be found on the Secretary of State's website.

You may also wish to review Advisory Rulings which may modify and clarify certain parts of the Maine Consumer Credit Code.

Last Updated: June 4, 2009