Maine to Join Nationwide Mortgage Licensing System
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May 18 - Maine to Join Nationwide Mortgage Licensing System - Beginning on October 1st, all mortgage loan originators doing business with Maine consumers must obtain licenses from the Nationwide Mortgage Licensing System (NMLS). All employees of federally regulated financial institutions are exempt because they are already supervised by the bank or credit unions’ prudential regulator. The Bureau of Consumer Credit Protection will manage the procedures include background checks, professional education requirements and successfully passing a national and a state-specific test.
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