Maine Mortgage Loan Originator

What is the primary regulatory agency overseeing mortgage loan originators in Maine?

• AMaine Department of Professional and Financial Regulation
• BMaine Bureau of Consumer Credit Protection
• CMaine Real Estate Commission
• DMaine Department of Economic and Community Development

How many hours of NMLS-approved pre-license education are required to become a licensed MLO in Maine?

• A16 hours
• B20 hours
• C24 hours
• D30 hours

What type of foreclosure does Maine primarily use?

• ANon-judicial foreclosure
• BJudicial foreclosure
• CBoth judicial and non-judicial equally
• DStrict foreclosure

Under the Maine Consumer Credit Code, what is the maximum interest rate allowed on residential mortgage loans?

• A6% per year
• B8% per year
• CNo state usury cap for first-lien mortgages due to federal preemption
• D12% per year

What is the continuing education requirement for MLO license renewal in Maine?

• A4 hours annually
• B8 hours annually
• C12 hours annually
• D16 hours annually

What is the right of redemption period after a judicial foreclosure sale in Maine?

• ANo right of redemption
• B30 days
• C90 days
• D12 months

What authority does the Maine Bureau of Consumer Credit Protection have over MLO licensing?

• ACan only issue warnings
• BCan investigate complaints, suspend or revoke licenses, impose fines, and issue cease and…
• CCan only refer cases to the Attorney General
• DHas no direct enforcement authority

Under Maine law, what is a prohibited practice in mortgage lending?

• ACharging a reasonable origination fee
• BRequiring a property appraisal
• CCharging excessive upfront fees that are not reasonably related to services provided
• DOffering fixed-rate mortgages

What background check requirements must MLO applicants meet in Maine?

• AOnly a credit check is required
• BFingerprinting, FBI criminal background check, and credit report through NMLS
• COnly a state-level criminal background check
• DNo background check is required

Can a lender pursue a deficiency judgment after a foreclosure sale in Maine?

• ANo, Maine prohibits all deficiency judgments
• BYes, the lender may pursue a deficiency judgment within the statutory time limit
• COnly for commercial properties
• DOnly if the borrower consents

What disclosures are Maine mortgage lenders required to provide to borrowers?

• ANo state-specific disclosures are required
• BFederal TRID disclosures plus Maine-specific disclosures regarding borrower rights and lo…
• COnly verbal disclosures are required
• DOnly the closing disclosure is required

What is the Maine Consumer Credit Code's role in mortgage lending?

• AIt only applies to credit cards
• BIt provides the primary statutory framework for regulating mortgage lending, consumer pro…
• CIt has been replaced by federal law
• DIt only applies to commercial lending

What is the minimum notice period required before initiating a judicial foreclosure action in Maine?

• A15 days
• B30 days
• C35 days
• D90 days

Under Maine law, what restrictions apply to prepayment penalties on residential mortgage loans?

• APrepayment penalties are always allowed
• BPrepayment penalties are generally prohibited on residential mortgage loans in Maine
• CPrepayment penalties are capped at 5% of the loan balance
• DPrepayment penalties are only allowed for the first 3 years

What surety bond requirements exist for mortgage companies in Maine?

• ANo surety bond is required
• BMortgage companies must maintain a surety bond as required by the Bureau of Consumer Cred…
• COnly a $10,000 bond is required
• DThe bond requirement was eliminated in 2020

What is the Maine Superintendent of Consumer Credit Protection's role in MLO oversight?

• AThe Superintendent has no role in MLO oversight
• BThe Superintendent heads the Bureau of Consumer Credit Protection and oversees all MLO li…
• CThe Superintendent only handles complaints
• DThe role is purely advisory

Maine's fair lending laws prohibit mortgage discrimination based on which protected classes?

• AOnly race and color
• BOnly federal protected classes
• CRace, color, sex, sexual orientation, gender identity, physical or mental disability, rel…
• DOnly income and credit score

What happens to an MLO license in Maine if the licensee fails to renew by December 31?

• AThe license is automatically extended for 60 days
• BThe license expires and the MLO must cease all mortgage origination activities
• CThe license converts to a temporary permit
• DThe MLO has until March 31 to renew