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The Maine Bureau of Consumer Credit Protection is the authority on mortgage broker and lender licensing and compliance. The licensing requirements are established under Maine Revised Statutes Title 9-A. A condition of licensing is a surety bond.
This surety bond is an agreement between three parties:
- Principal: The mortgage broker or lender that needs to get the bond.
- Obligee: The entity requiring the principal to get bonded.
- Surety: The company that issues the bond.
In the event a mortgage broker or lender negatively impacts another party through fraud or unethical activities, the claim serves as assurance that that party can be compensated fairly. Upon receiving a claim, the surety conducts an investigation to determine its validity. For a valid claim, the surety compensates the claimant.
After the claim is paid, the principal is liable for compensating the surety for the full amount of the claim. Because of the financial impact of a valid claim, avoiding claims against the bond is essential.
How Much Does a Mortgage Broker and Lender Bond Cost in Maine?
Loan brokers, usually covered by their broker’s sponsorship, can obtain an individual $25,000 surety bond, costing between $250 and $2,500. Mortgage lenders are required to secure a $50,000 bond, with costs ranging from $500 to $5,000.
The bond premium falls between 1% and 10%. This is also often called the cost of the bond or the bond rate. For your convenience, use the chart below to estimate your bond cost before applying.
|
Maine Mortgage Broker and Lender Bond Cost by Credit Score |
|||
|
Surety Bond Amount |
700 or Higher |
600-699 |
599 or Below |
|
$25,000 |
$250 - $750 |
$750 - $1,250 |
$1,250 - $2,500 |
|
$50,000 |
$500 - $1,500 |
$1,500 - $2,500 |
$2,500 - $5,000 |
Our customers are often curious about how we determine how much a bond costs. When determining the cost of a bond, we consider the applicant’s finances, credit scores, industry experience and bond history.
How to Get a Mortgage Broker or Lender Bond in Maine
1. Apply For Your Bond
Obtaining a Maine mortgage lender bond or a loan broker bond is a fast, simple process. To begin, choose your preferred application method.
- Apply for a bond online – Our bond application is conveniently available 24/7. Our customers can usually complete the short form within a few minutes.
- Call us at (888) 592-6631 – If you have questions before applying or prefer to submit your application with our bond experts’ assistance, we are ready to take your call.
When applying, you will need:
- Bond name (Maine Lender Bond or Maine MLO Individual Surety Bond)
- Bond amount ($25,000 or $50,000)
- Email and contact information
2. Get a Quote
After submitting your application, you will receive a bond quote from us via email. Our friendly bond specialists are happy to review your quote with you upon request. If you have a revision request, please get in touch with us.
3. Purchase Your Bond
The final step is to sign your bond document and pay the invoice online. After doing so, you will quickly receive the original bond in your email inbox.
Maine Mortgage Broker and Lender Bond Requirements
To apply for a Maine mortgage broker license or a lender license, you must include an electronic surety bond when submitting the required documents to the NMLS. The Maine Bureau of Consumer Credit Protection enforces compliance with state laws to protect consumers from unfair lending practices. It regulates mortgage lenders, loan brokers, and other financial service providers to ensure ethical business conduct. As part of the licensing process, applicants must submit the Maine Lender Bond or Maine Loan Broker Bond and maintain an active bond while operating in the state.
If you have any questions regarding the required bond amount, the definition and role of mortgage lenders and loan brokers in Maine, etc., please contact us.
One of our new customers was applying for a surety bond for the first time and reached out to our bond specialists for assistance. Our team answered her questions and took her application over the phone. After she received her quote and finalized her bond purchase, she was appreciative of the personal support we provided to her.
How to Get Your Mortgage Lender or Loan Broker License in Maine
You can complete the process for a Maine mortgage lender license or loan broker license through the Nationwide Mortgage License System. When applying, you must submit:
- Application
- Surety bond
- Criminal background check
- Financial statements
Additional items required for a mortgage lender:
- Resident/registered agent
- Qualifying individual
- Business plan
- Certificate of Authority/Good Standing
- Document samples
- Formation documents
- Management chart
- Organizational chart
- Trust account authorization
Items required for a mortgage loan broker license:
- Pre-licensure education
- Company sponsorship or a surety bond
- Employment history
Sources
Nationwide Mortgage Licensing System. (n.d.). Checklist compiler.
https://mortgage.nationwidelicensingsystem.org/slr/SitePages/Checklist-Compiler.aspx
Nationwide Multistate Licensing System & Registry. (n.d.). Maine lender bond form [PDF].
http://mortgage.nationwidelicensingsystem.org/slr/StateForms/ME5-Lender%20Bond%20Form.pdf
Nationwide Multistate Licensing System & Registry. (n.d.). Maine MLO individual surety bond form [PDF].
http://mortgage.nationwidelicensingsystem.org/slr/StateForms/ME2-MLO-Individual-Surety-Bond.pdf
Maine Bureau of Consumer Credit Protection. (n.d.). Home [Website].
https://www.maine.gov/pfr/consumercredit/index.shtml
Maine State Legislature. (n.d.). Title 9-A: Maine Consumer Credit Code.
https://legislature.maine.gov/statutes/9-a/title9-Ach0sec0.html