How to Get Your Maine Mortgage Broker License in 4 Easy Steps

There are three mortgage-related licenses in the state of Maine which you can obtain. These are the loan broker and supervised lender company licenses, and the individual mortgage loan originator license. These licenses are issued and regulated by the Maine Bureau of Consumer Credit Protection.

The license application process occurs through the Nationwide Mortgage Licensing System (NMLS). This is the official system for most mortgage and finance-related license applications in the country.

Do you want to know how you can get a Maine mortgage broker license? See our full guide below!

1. Register Your Business Entity in Maine

Before you can apply for a company mortgage broker license, you need to form and register your business entity. For the purpose, you need to apply through the state Division of Corporations.

Later on, you will need to upload your business formation documents through NMLS when you apply to get licensed.

2. Meet the Maine Mortgage Broker License Requirements

To get started with the license application process, you must first register in NMLS. You must register as a company if you will be applying for a loan broker or supervised lender license, and as an individual, if you want to get a mortgage loan originator license.

Once you have registered in the system, you can proceed with completing the license application forms and providing all the additional documents that are required. See below for a list of the supporting documentation and items required for each of these licenses.

Maine Loan Broker License Application

To get licensed as a loan broker in Maine, you need to provide the following forms and documents through NMLS:

• Company form MU1
• An explanation for any “yes” responses to the disclosure questions in MU1
• Formation documents
• Certificate of Authority / Good Standing Certificate
• Business plan
• Management chart and organizational chart
• Sample consumer contract and sample disclosure document (to be provided to consumers)
• Authorization allowing trust account examination
• $25,000 Maine mortgage broker bond

Maine Supervised Lender License Application

Applicants for a supervised lender license must submit the following documents when applying:

• Company form MU1
• Individual form MU2
• A detailed explanation regarding any positive responses to the disclosure questions in MU1 or MU2
• An audited financial statement prepared in accordance with GAAP
• Business entity formation documents
• Certificate of Authority / Good Standing Certificate
• Business plan
• Management chart
• Organizational chart
• Samples of documents to be used during the regular course of business (such as consumer disclosure forms, loan origination and/or modification forms, etc.)
• $50,000 Maine mortgage broker bond (per office location)

Maine Mortgage Loan Originator License Application

Unlike applicants for the other mortgage-related licenses, loan originators must complete two pre-licensing requirements before applying for their license. Specifically, applicants must:

• Complete 20 hours of NMLS-approved pre-licensure education courses
• Pass one of the following three tests:
  • The national and Maine state components of the SAFE Test
  • The national and stand-alone UST components of the SAFE Test
  • The National Test Component with Uniform State Content

After meeting these two requirements, individuals can proceed with applying for their license. For the purpose, they must prepare and submit the following:

• Individual form MU4
• Explanations and, if necessary, supporting documents for any positive responses given to disclosure questions
• Authorize an FBI criminal history background check
• Authorize a credit report through NMLS
• Sponsorship request (to be submitted by employer)
• Employment Verification Form (VOE)
• $25,000 Maine mortgage broker bond (unless provided by employer)

After you meet the requirements for your license, you can proceed with submitting your application and paying the relevant fees. For more details about the documents, you need to submit, see the official NMLS licensing requirements checklist for your license type.

3. Get a Maine Mortgage Broker Bond

Applicants for all three types of mortgage-related licenses in Maine require a surety bond as part of the licensing process. This bond is commonly called a mortgage broker bond.

• Applicants for a loan broker and mortgage loan originator license must get a $25,000 bond.
• Applicants for a supervised lender license must get a $50,000 bond.

To get bonded, you need to pay a bond premium. This premium is equal to a fraction of the total amount of your bond. It is determined by sureties based on your personal credit score, as well as several other factors.

Do you want to know how much your bond might cost? Complete the brief bond form below, and we will provide you with a free quote on your bond.

4. Submit Your Application Packet and Pay Fees

When you are ready to submit your application papers through NMLS, you must also pay a licensing fee. Fees are as follows:

• Loan broker license: $500
• Supervised lender license: $350
• Mortgage loan originator: $50 + $15 credit report fee + $36.25 FBI criminal background check fee

After you submit your application, the Bureau of Consumer Credit Protection will review it to determine whether you have met all the licensing requirements. Once it reviews your license, the Bureau will issue your license and notify you that you can legally conduct business as a mortgage broker in the state.

If you have any questions about getting your license, make sure to contact the Bureau for further information.

For any questions related to getting a mortgage broker bond in the state of Maine, call us at 866.450.3412 anytime!