How can I learn more about what a career in mortgage lending really offers?
Visit the career information section of our Web site for a helpful overview of the exciting world of mortgage lending. Talking to successful professionals is another great way to learn more about being a mortgage broker on a daily basis. Check out our free articles to help you decide if a career in mortgage lending is right for you!

What are the education and testing requirements?
Maine law requires all individuals seeking licensure as a supervised lender, loan broker or registered loan officer prior to January 31, 2008, to complete a minimum of 12 credit-hours of approved courses before January 31, 2008. Anyone seeking licensure as a supervised lender, loan broker or registered officer after January 31, 2008, must complete a minimum of 16 credit-hours of education prior to qualification. Of those 16 credit-hours, at least two hours must consist of a review of Maine laws and rules and two hours of ethics and ethical considerations affecting the mortgage industry.

What is the Maine Division of Banking?
The Office of Consumer Credit Regulation oversees many aspects of the consumer finance industry, including non-bank mortgage lenders, debt collectors, loan brokers, retail creditors, money transmitters, credit reporting agencies and non-bank ATMs. The office administers state credit-related statutes and protects consumers by conducting compliance examinations, responding to consumer complaints, issuing licenses and providing consumer education and outreach.

Is Maine a "brick and mortar state" ?
No, a loan broker does not need to maintain a physical office in the state. However, it does need to be licensed by the Maine Office of Consumer Credit Regulation (OCCR), and registered as a foreign (i.e.) out-of-state) corporation with the Maine Secretary of State's Corporate Division's Office. A loan broker must also post a $25,000 surety bond.

What is a Loan Broker?
As defined in the Maine Consumer Credit Code, the phrase loan broker means any person that provides or offers to provide the following services for compensation: improving a consumer's credit record, history, or rating; arranging for or obtaining an extension of credit for a consumer; or providing advice or assistance to a consumer regarding the procurement of consumer credit or the improvement one's credit record, history, or rating.

Must an applicant have previous experience in order to qualify for license?
No, previous loan broker experience is not required. However, the licensing standard is that "upon investigation, the Administrator finds that the financial responsibility, character, and fitness, of the applicant, and where applicable, its partners, officers, or directors, warrant belief that the business will be operated honestly and fairly within the purposes of this Title (Maine Consumer Credit Code, Title 9-A, Maine Revised Statutes Annotated (MRSA))." Please note that a loan broker's initial application (main office or branch) does require submission of a resume of the principal party(s).
in addition, two letters of professional regernce are also required.

How long does it take to receive a decision on license approval?
If your application is complete and you have met the requirements to operate as a loan broker in the state of Maine, your license will typically be approved within three weeks following receipt by OCCR.

Are there any net worth requirements for approval of loan broker license?
No, there are no net worth requirements for a loan broker; however, to become licensed, a loan broker must post a $25,000 surety bond and be prepared to demonstrate financial responsibility.

How long is the licensing period for?
Two years - February 1 through January 31. (2006-08, 2007-09, 2008-10, etc)

Do I need a college degree to become a mortgage broker?
No. For a mere fraction of the cost of an associate’s or bachelor’s degree, you could be earning a six-figure income as a mortgage pro! For more details on state certification requirements, click here.

What kind of financial investment does it take to start a career in mortgage lending?
Next to nothing. For under $450, you can be certified and ready to cash in on this lucrative career.

Should I get any additional books on the subject?
Sure, reading as much as you can about succeeding as a new mortgage broker is a wise strategy. ProSchools offers an array of books in our online bookstore.

What are the continuing education and testing requirements?
Effective February 10, 2007, Rule 500 requires all loan officers to complete 12 credit-hours of education annually. Of those 12 credit hours, one hour must consist of a review of Maine laws and rules and one hour of ethics and ethical considerations affecting the mortgage industry.

For more details on becoming a licensed mortgage lender, click here.