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

For Loan Officers

 

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.

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.

I took a course previously that I feel meets the current educational requirements.  Will those credits count toward my current educational requirements? 

No, courses must be taken during the 12-month period between February 1, 2007 and January 31, 2008 to be considered toward the 2007 requirements, and thereafter courses must be taken between February 1 and January 31 of each year to be considered in meeting the requirements for that 12-month period.

Can extra credit hours earned be carried over to the following year’s requirements? 

No, all credit hours must be completed during the 12-month period of each year’s (Feb 1 - Jan 31) requirements.  Each year, beginning February 1, a new annual requirement commences.

Can I take classes online?

Maine regulators will permit on-line course providers to apply for approval.  If those courses have sufficient content, and if specific issues can be addressed (for example, How can a student’s attendance be ensured?  How are tests given?  How can a student’s identity be verified?), then, such courses may be approved.

How much do the educational courses cost and do I have to pay? 

Prices and cost will be established by the course providers.  Your employer may pay the costs for your courses.  This should be discussed with your employer, as the State of Maine does not mandate who pays for the course. 

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

If I leave my current position and go to work for another lender or loan broker, are my credits transferable?

Yes, credit is transferable between jobs.  However, it will be up to your new employer to be able to prove that you met the educational requirements for the applicable 12-month period.  Licensed companies will be examined for compliance during reviews or audits.

Will Maine regulators be maintaining a website list of approved class dates and times, course content and cost? 

State regulators will maintain a list of showing limited information, including contact information, approved courses and course providers.  Specific course schedules (times and locations) will not be provided.  You must contact the individual providers to schedule instruction.

What do I do if I’ve already taken courses in another state?

Your course provider can apply for approval.  If the course is approved during a 12-month period February 1 - January 31, then all individuals who took the course during that 12-month period can use that course toward their requirements.

I have sufficient credit from approved mortgage courses given in other states.  How can I comply with the special “Maine law” and ethics requirements?

Maine regulators will encourage course providers to offer Maine law and ethics courses, to permit loan officers to meet their necessary requirements.

Do I 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. 

Last Updated: July 9, 2008