Maine

Course Offerings

Effective 06/11/2008

Maine Department of Professional and Financial Regulation

Office of Consumer Credit Regulation

# 35 State House Station

Augusta, Maine 04333-0035

Ph: (207) 624-8527

Fax: (207) 582-5415

As of January 2006, Registration Required. Click here to register. 16 hours of initial training and 12 hours of continuing education annually.

Loan Officers must be licensed, effective 1/1/08.

No courses available yet

State of Maine Mortgage Lending Blog

1/11/2008 - MPF Announces Maine High Rate, High Fee Mortgages No Longer Eligible for Delivery Due to S&P Downgrades The MPF Program previously announced that Maine High Rate, High Fee Mortgages are not eligible for delivery. These mortgages are now also defined as "unratable" due to Standard & Poor's (S&P) Rating Services announcement on January 4, 2008, retroactive January 1, 2008, S&P will not rate structured finance transactions that include these loans.

12/21/2007 Colorado Prohibits Mortgage Brokers from Recommending ARM Loans that Contain Extended Prepayment Penalties

Colorado adopted an emergency rule prohibiting mortgage brokers from recommending or inducing borrowers to enter into ARM loans containing prepayment penalties that extend past the initial adjustment date.

10/26/2007 - Colorado Adopts Emergency Rule Requiring Mortgage Broker Disclosures

The Colorado Department of Regulatory Agencies, Division of Real Estate adopted an emergency rule which requires mortgage brokers to provide borrowers with disclosures within 3 business days of receipt of a loan application or receipt of any monies. The disclosures must provide
Annual percentage rate
Finance charge
Amount Financed
Total amount of all payments
Third party costs
Term of a lock-in agreement
Transfer of documents
Monies held by the borrower that are held in a trust account
This rule goes into effect immediately.