Current Mortgage Loan Originators:
Mortgage Loan Originators should consult with their employer before logging into the NMLS and completing a Form MU4.
Loan originators in Maine are strongly encouraged to submit their completed Form MU4 through the NMLS by November 30, 2010 so that approvals can be obtained prior to the December 31, 2010 statutory deadline.
Current licensees must have their Maine license number available in order to complete and submit their Form MU4.
NOTE: If you have submitted a Form MU4 in another state, then you do not need to re-enter your record into NMLS. You will only need to identify the appropriate license in Maine and complete a few state-specific fields.
Mortgage Loan originators must meet the requirements listed below by December 31, 2010:
- Pre-licensure education, or certification by Maine regulators of previous education
- A Passing Score on both the National and State components of the SAFE Test
- Satisfactory criminal background check including fingerprints
- Maine Bureau of Consumer Credit Protection’s satisfactory review of a credit report
- Completion and submission of the MU4 Form.
Current/Prospective Company Licensees/Registrants:
Currently companies licensed in Maine that conduct mortgage origination activity in Maine will not be transitioned onto the Nationwide Mortgage Licensing System (NMLS) until 2011 or 2012. Initial applications for these companies, as well as renewals, will continue to be processed directly at the state level. Therefore, these companies are not required to submit any forms to NMLS for licensing with the bureau. Additionally, at this time these companies will not be required to sponsor their residential mortgage loan originators (MLO) through NMLS.
Current or prospective companies licensed in Maine that conduct mortgage origination activity should ensure that their Maine MLOs take the required steps to become licensed with the bureau by December 31, 2010.