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

Loan Officer Education FAQ's

Provider Questions

How do I register my loan officers?

This is an online process that that may be completed manually for each loan officer. The website is www.credit.maine.gov. The link is found under “Register On-line ”. Before you are asked to input information about the loan officers you are registering, the system will prompt you to fill in information about yourself (that is, the company representative entering the information), your company’s license number and FEIN.

 

How do I determine what my Loan Officer Registration number is?

You can find your loan officer number by clicking on the following link called licensee search and status: (http://pfr.informe.org/almsonline/almsquery/welcome.aspx?board=1030). You can also find your number by asking your employer. For example, if you were employed and registered by Company A you would be assigned a registration number. If you terminated employment with Company A and began working for Company B, then you would be assigned a new registration number from Company B. The registration number assigned is not indicative of how long you have been wokring as a loan officer. The registration number is specifically for tracking purposes only.

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. This rule is linked here: Rule 500.

 

Who must be registered as a loan officer?

All individuals must register if they are employed by supervised lenders or loan brokers, and if their primary job responsibilities include direct (in-person, phone, fax, e-mail, etc.) contact with mortgage applicants and if they accept applications for and originate, negotiate, solicit, arrange for or obtain mortgage loans. Officers and directors of companies are included in this registration requirement, if their job descriptions include the above responsibilities. However, employees who conduct purely administrative or clerical tasks are not required to register as loan officers.

 

I am a sole proprietor; do I need to meet the educational requirements ?

Yes, if you are a sole proprietor licensed as a lender or loan broker in your own name, you must comply with the educational requirements, even if you are exempt from having to register as a loan officer.

 

My company is incorporated; am I required to meet the educational requirements of the rule?

Yes, loan officers employed by corporations, limited liability companies and limited liability partnerships must register as loan officers and must complete annual initial or continuing education requirements.

 

What would Maine regulators consider to be the equivalent of a proctored exam?

There is no single answer to this question. Maine regulators did not want to stifle innovation by establishing in great detail how courses will be taught and how students will be tested. Rather, in addition to asking about the course content and the experience of the instructor, our application form for course certification asks in what manner the course will be given, how attendance will be verified and how knowledge retention will be measured. It is up to course providers to describe how those goals will be met.

 

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 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.

 

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 is this going to cost?

Prices and cost will be established by the course providers.

 

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/approved.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 time, course content, and cost?

State regulators will maintain a list showing limited infomation, including contact information, about approved courses and course providers. Specific course schedules (time and locations) will not be provided. You must contact the individual providers to schedule instruction. The list can be found at: http://www.maine.gov/pfr/consumercredit/loanofficered/approved.htm

 

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 suffcient credit for 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.

 

PROVIDER QUESTIONS:

 

How do I become a training provider?

Individuals or companies wanting to provide educational training must apply for certification using the attached application: Course Provider application. (This applcation is incorporated into our Rule 500, as Attachment A.)

 

Will we receive anything from the Bureau of Consumer Credit Protection indicating whether or not we have been approved as a course provider?

Yes, you will receive notification by mail, e-mail or fax. In addition, approved courses and providers will be listed on our website.

 

Will the State provide detailed information on how to set up a course?

No, the State does not have the resources to help develop course offerings. Regulators have set forth suggested topics for the Maine-specific law course (see Attachment B in Rule 500), and we have required that the ethics class focus on mortgage-related ethical issues, but byond that we have not established specific course content or procedures. In reviewing courses for approval, we will not approve promotional, sales-oriented classes (e.g., " Close More Loans Now!"), because we are looking for compliance-oriented course content.

 

Can I get an on-line course approval?

Online courses pose special challenges, including such questions as: 1) How can a student's attendance be ensured? 2) How are tests given? 3) How can a student's identity be verified? 4) How can regulators be assured that the student has actually spent the time required, and did not "finish early"? If these types of questions can be answered to the satisfaction of Maine regulators during the application process, and if the course content and relevance are otherwise appropriate, then the State may approve such courses.

 

Are course providers required to send in a report to state regulators listing students who have completed the courses?

No; ensuring compliance with the rule is the responsibility of companies for whom the loan officers are employed.

 

Last Updated: July 9, 2008