How to Become a Mortgage Loan Officer (MLO) in Maine

Let me guess. 

You’re here because you’re interested in pursuing a mortgage loan officer career, but you don’t know where or how to start.

We agree it can be a bit confusing, especially with too many online articles and step-by-step guides — only a handful of which are helpful.

Don’t worry. 

We’re here to give you all the details on how to become a mortgage loan officer (MLO) in Maine. 

And we don’t pack with your blocks of information. We’ll give the steps one by one so that it’s easier to follow. 

Okay, enough bibble-babble. 

Let’s begin!

NOTE: We’ll use the terms mortgage loan officer and mortgage loan originator interchangeably here. Know that this is the same thing. 

How to Become an MLO in Maine – The 6 Steps to Start Your New Career

Here are the 6 steps to becoming an MLO in Maine:

1. Create an account in NMLS
2. Compete Pre-Licensure Education (PE) 
3. Pass the SAFE MLO test
4. Complete the background checks
5. Get a sponsorship 
6. Submit your MLO application 

Walk with us now. 

Step #1 Create an Account in NMLS

The first step is easy peasy. 

Now, NMLS, or Nationwide Mortgage Licensing System, tracks MLO licensing all over the US. It is where you’ll get your unique NMLS ID number, register for your licensing exam, pay the fees, renew your license, and more. 

So to create an account, follow these:

• Visit the NMLS website.

• Click the Request an Account link. 

• Click on the Individual button. 

• Enter the security code, and click Next.

• Accomplish the online form. Don’t forget to put your full legal name.

After that, you will receive one email each for your username and password. When you log in for the first time, the website will ask you to change your password.

What’s more, your NMLS account will contain a unique ID, which will serve as your personal identification number throughout the process. You will need it throughout your MLO career. 

Step #2 Complete Pre-Licensure Education (PE)

The Maine Bureau of Consumer Credit Protection (BCCP) requires aspiring MLOs to complete the standard 20-hour pre-licensure education (PE).

The 20 hours should include:

• 3 hours of Ethics
• 3 hours of Federal Law
• 2 hours of Non-Traditional Mortgage Lending
• 12 hours of general electives

If you’re unsure where to get your education, you can find a complete list of approved providers here. 

If you ask us, we highly recommend these schools:

• The CE Shop
• Knowledge COOP
• Champion School of Real Estate
• OnlineEd

These are all NMLS-approved online schools that will give you the quality education you deserve. 

Step #3: Pass the SAFE MLO Test

Within 180 days of completing your education requirements, you need to take and pass the SAFE MLO test. 

You register for the exam through your NMLS account. Here are the steps: 

• Create a test enrollment window by clicking the ‘MLO Testing & Education’ tab.

• Select ‘National Test with Uniform State Content’ and choose the ‘SAFE MLO Test’.

• Add to cart. 

• Go to the Candidate Agreement and confirm everything. 

• Pay the exam fee of $110 in the ‘Pay Invoice’ button. 

• Choose to take the exam at a center or online through the ‘Manage Test Appointment’ tab. 

As for scheduling, you can do that at Prometric (the exam administrator). Here are the steps:

• Go to the Prometric online scheduling page.

• Select to schedule an exam online or at a test center.

• Choose your country and state.

• Review the information and confirm it.

• Fill in the necessary information (NMLS ID number and name).

• Select your appointment. 

• Verify and complete your appointment. 

As for the exam itself, there are 120 questions, with only 115 being scored. You have to answer them all in 3 hours. 

The minimum passing score is 75%. 

Step #4: Complete the Background Checks

Once you pass the SAFE MLO test, you can begin your MLO application. 

However, we recommend you complete the background checks first. This way, you have all the requirements ready before filing. 

The background checks that you’ll need to authorize are a criminal background check and a credit report. 

To request a CBC, follow these steps: 

• Log into your NMLS account. 

• Go to the Filing tab, then select the Individual sub-menu. 

• Click the Request New/Update button. Choose Criminal Background Check (CBC). 

• Click Submit New Prints. Here, you can schedule a fingerprinting appointment with Fieldprint. 

• Accomplish the required details in the demographics section and hit save.

• Click the attest button and submit.

• Pay the CBC fee of $36.25.

To authorize credit report checks, follow these steps:

• Go back to the Filing tab.

• Click on ‘Credit Report Request’.

• Turn on the Completeness Check icon.

• Select the Individual Verification link.

• Review the information. 

• Attest and submit it. 

• Pay the credit fee of $15.

Step #5: Get a Sponsorship

Here’s another step that we recommend doing before completing your application. 

Maine, like most states, requires MLO applicants to be associated with an employer before their license status turns from ‘inactive’ to ‘active. 

So go out and look for employment. 

No need to rush — take your time in finding the best place to work.

And when you do find a great match, you must request sponsorship and have your employer verify it. 

Here’s what to do:

• Log into your NMLS account.

• Go to Filing. 

• Click “Company Access”. 

• Fill in your employer sponsorship details. 

• Your employer will receive a notification for verification and confirm it.  

Step #6: Submit Your MLO Application

To complete your MLO application, you need to fill out Individual Form (MU4). Here are the steps: 

• Log in to the NMLS portal.

• Go to the Filing tab.

• Select Request New/Update in the Individual sub-menu. 

• Click Add and select Maine from the list of states. 

• Check the Maine Mortgage Loan Originator License box and hit finish.

• Provide all the required information. 

• Provide all the required documents. 

• Pay all the required fees:
  • NMLS initial licensing process – $30
  • ME application fee – $20

Besides that, you also need to submit some documents to your license regulator — the Maine Bureau of Consumer Credit Protection.

Mail these documents to the ME BCCP:

• Completed Employment Verification Form (VOE). This is required if you work for a licensed supervised lender or loan broker. 
• Original MLO Surety Bond. This is required if you do NOT work for a licensed supervised lender or loan broker. 

You can find both forms here. 

And that’s it — you’re now an official mortgage loan officer in Maine!

Awesome job!

Frequently Asked Questions About Becoming a Mortgage Loan Officer (MLO) in Maine

Got some questions? Let’s look at the most frequently asked ones. 

How Much Will I Spend for an MLO License in Maine?

Here are the expenses you will need to pay to get your MLO license in Maine. 

How Much Do Mortgage Loan Officers Earn in Maine?

Here’s a question that everybody wants to know. 

Well, on average, MLOs in Maine earn $49,000 per year. That can go as low as $27,500 per year to as high as $196,000 per year. 

There are so many factors to consider, such as skills, experience, bonuses, tips, employers, etc. 

Who Needs an MLO License in Maine?

Simply put, an MLO license is required for anyone that works to originate mortgage loans. 

Who Regulators MLO Licenses in Maine?

Your regulator for an MLO license in Maine is the Bureau of Consumer Credit Protection. If you have any problems or concerns, you can contact them at (207) 624-8527 or LoanOfficerReg@maine.gov.

Conclusion

And that is how to become a mortgage loan officer (MLO) in Maine. 

Not as complicated as you thought, right?

Sure, you need to take each step one at a time. Plus, you need to put in a lot of time and effort. 

But if you just follow this guide, then you’ll soon be done with everything. 

You’ll soon be an official mortgage loan officer in the state. 
Best of luck!