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Maine.gov > PFR Home >Consumer Credit Home Page > Loan Officer FAQ's > For Employers

For Employers

 

Who must be registered as a loan officer?

All individuals must register if they are employed by supervised lenders or loan brokers, and if their primary job responsibilities include direct (in-person, phone, fax, e-mail, etc.) contact with mortgage applicants and if they accept applications for and originate, negotiate, solicit, arrange for or obtain mortgage loans. Officers and directors of companies are included in this registration requirement, if their job descriptions include the above responsibilities.  However, employees who conduct purely administrative or clerical tasks are not required to register as loan officers.

How do I register my loan officers?

This is an online process that that may be completed manually for each loan officer or in bulk format.  The website is www.Credit.Maine.Gov.  The link is found under “FEATURED; On-line Services for Loan Officers”. Before you are asked to input information about the loan officers you are registering, the system will prompt you to fill in information about yourself (that is, the company representative entering the information), your company’s license number and Federal ID Number.

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 directly with Maine loan 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.

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 office, the loan 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.

How do I terminate one or all of the loan officers listed for my company?

You can do this online by clicking on the link “on-line services for loan officers”.  After entering in your information and your company information, you can click the link “search for a loan officer”.  You will have the option of searching for an individual, looking for the loan officers at a specific location, or look at the entire list of loan officers working for your company.  Next, you will have the option to terminate.   

Does Maine require initial and continuing education for loan officers?

Yes.  Effective, February 10, 2007, our agency’s Rule 500 requires all loan officers, as well as sole proprietors licensed in their own names, to complete annual educational requirements.  This rule is linked here: Rule 500.

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

The Maine Bureau of Consumer Credit Protection 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. 

My company is incorporated; am I required to meet the educational requirements of the rule? 

Yes, loan officers employed by corporations, limited liability companies and limited liability partnerships must register as loan officers and must complete annual initial or continuing education requirements.

What is the deadline for completion of educational requirements?

Regarding any loan officer registered with the State prior to Jan 31, 2008, those individuals must complete 12 credit hours prior to that date (January 31, 2008).  (One hour must cover Maine law, and one hour must address ethics.)  Any individuals not registered prior to January 31, 2008 must initially complete 16 credit hours of educational requirements (including 2 hours of Maine law and 2 hours of ethics) before they will be allowed to be registered as Maine loan officers.  Rule 500 specifies that this is an annual requirement.

How much do educational courses cost and am I as the employer obligated to pay for my employees? 

Prices and cost will be established by the course providers.  The State of Maine does not mandate who pays for the course.  Although most employers do pay the costs for their employees, this is a company decision; therefore, the costs may be assessed to the employees.  However, regardless of who pays for the courses, it is the company’s responsibility to ensure compliance of Rule 500 for all loan officers. 

Where can I find a list of approved courses and providers? 

The list of approved courses and providers is found on our website at:  http://www.maine.gov/pfr/consumercredit/loanofficered/index.htm.  Specific course schedules (times and locations) are not provided.  You must contact the individual providers to schedule instruction.

 

Last Updated: July 9, 2008