State Law Update: Maine Transitions Supervised Mortgage Lender and Broker Licensing to NMLS

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Recently, Maine finalized a rule to convert licensing of state supervised mortgage lenders and brokers to the Nationwide Mortgage Licensing System and Registry (NMLS). In concert with the transition to NMLS, the state regulator (i) converted the state’s two-year license to a one year license, (ii) shifted the annual licensing date from September 30 to January 1, and (iii) set new licensing fees. Starting August 31, 2012, new applicants can begin using the NMLS to obtain a license and currently licensed lenders and brokers can transition to the NMLS as renewals. To aid in the transition, the NMLS provides requirements checklists and transition information on its website.

 


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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