Maine Revised Statutes Title 9-A Sec. 13-107 – Testing of mortgage loan originators
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1. Written test. In order to meet the written test requirement required under section 13?105, subsection 5, an individual must pass, in accordance with the standards established under this section, a written test developed by the nationwide mortgage licensing system and registry and administered by a test provider approved by the nationwide mortgage licensing system and registry based upon reasonable standards.
[PL 2013, c. 466, §9 (AMD).]
Terms Used In Maine Revised Statutes Title 9-A Sec. 13-107
- Individual: means a natural person. See Maine Revised Statutes Title 9-A Sec. 13-102
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Mortgage loan originator: means an individual who for compensation or gain or in the expectation of compensation or gain takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan. See Maine Revised Statutes Title 9-A Sec. 13-102
- Nationwide mortgage licensing system and registry: means a mortgage licensing system developed and maintained by a national organization dedicated to advancing the state banking system and a national association of residential mortgage regulators for the licensing and registration of licensed mortgage loan originators. See Maine Revised Statutes Title 9-A Sec. 13-102
2. Qualified test.
[PL 2013, c. 466, §9 (RP).]
3. Testing location. Nothing in this section prohibits a test provider approved by the nationwide mortgage licensing system and registry from providing a test at the location of the employer of the applicant, or any subsidiary or affiliate of the employer of the applicant, or any entity with which the applicant holds an exclusive arrangement to conduct the business of a mortgage loan originator.
[PL 2009, c. 362, Pt. B, §1 (NEW).]
4. Minimum competence. An individual is not considered to have passed a written test unless the individual achieves a test score of not less than 75% correct answers to questions.
A. An individual may retake a test 3 consecutive times, undergoing each consecutive test at least 30 days after the preceding test. [PL 2009, c. 362, Pt. B, §1 (NEW).]
B. After failing 3 consecutive tests, an individual must wait at least 6 months before taking the test again. [PL 2009, c. 362, Pt. B, §1 (NEW).]
C. A licensed mortgage loan originator who fails to maintain a valid license for a period of 5 years or longer shall retake the test. [PL 2009, c. 362, Pt. B, §1 (NEW).]
[PL 2013, c. 466, §9 (AMD).]
SECTION HISTORY
PL 2009, c. 362, Pt. B, §1 (NEW). PL 2013, c. 466, §9 (AMD).