Compliance Examination FAQs

»What types of examinations are conducted? Will I be notified? What is expected? +

What types of examinations are conducted? Will I be notified? What is expected?

Licensees, registrants, and notificants are subject to routine, periodic, special, or other examination by the Bureau, with or without notice to the licensee. All licensees are required to make freely available to the examiners, the accounts, records, documents, files, information, assets and matters in their possession or control relating to the subject of the examination and must facilitate the examination.

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    • »My company did not conduct any business in Maine during the examination time period. Do I still need to have an exam? +

    My company did not conduct any business in Maine during the examination time period. Do I still need to have an exam?

    The Bureau conducts examinations on the licensee as a whole, which includes more than just loan file or client file review. Even if you did not conduct any business in Maine during the review period, you may still need to respond to all information requests and provide any other information requested by the Bureau. The Bureau considers cancellations on a case-by-case basis depending on the initial information provided by the licensee.

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    • »My examination will be conducted through the State Examination System (SES). What does this mean and what do I do? +

    My examination will be conducted through the State Examination System (SES). What does this mean and what do I do?

    The Bureau is conducting examinations of entities licensed via the Nationwide Mortgage Licensing System (NMLS) through the State Examination System (SES), an online platform that allows an examination to be conducted electronically. You will receive an Enrollment Request, with instructions on how to enroll, from the Department prior to notification of your examination. Once you are enrolled, the examiner will send you the examination notification and all requests for information through the SES. You will in turn provide all requested information through the system. For more information, CLICK HERE.

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    • »What documents are required to be kept in a loan/client file for examination purposes and what else might you be requesting? +

    What documents are required to be kept in a loan/client file for examination purposes and what else might you be requesting?

    You are required to maintain all documents related to the account/file. The file should tell the complete story of the account, starting with the first contact with the client through the closing and/or servicing of the account. This also includes information that may be kept solely electronically in a processing or servicing system. If needed, screen prints of that system may be provided if that is the only way that the material is maintained.

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    • »The examination was completed and I received a Report of Examination. Can I share the findings? +

    The examination was completed and I received a Report of Examination. Can I share the findings?

    No. The licensee shall under no circumstances publish, or make public in any manner, the Report of Examination or any portion thereof. The examination remains the property of the Bureau of Consumer Credit Protection. Other regulatory agencies requesting any information pertaining to the Report of Examination must be directed to contact the Bureau to obtain that information. The examination findings cannot by published by the licensee on the NMLS.

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    • »I just received the invoice for my examination. How was that determined? +

    I just received the invoice for my examination. How was that determined?

    Licensees are charged an hourly rate per examiner. Examinations consists of a number of factors, including work done before the licensee is aware than an examination is taking place in order to prepare for the examination that includes reviewing information both currently on file and found independently of the licensee, any time while on site or off-site reviewing the information provided by the licensee, examiner travel time, and time for the completion, submission and review of the Report of Examination.

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