To qualify for a loan broker or mortgage loan originator license within the State of Maine, either a $25,000 Loan Broker Bond or a $25,000 Mortgage Loan Originator Bond is required by the Department of Professional and Financial Regulation.
Both the Loan Broker Bond and the Mortgage Loan Originator Bond provide financial protection to the public. This means that if the licensee violates state mortgage regulations (e.g. commits negligence, misrepresentation, a breach of contract, and/or fraud), funds from the appropriate surety bond may act as a means of restitution for the damaged claimant.
Jet has partnered with Lexington National Insurance Corporation to compare bond rates and find the price that works best for you. The cost of each Maine Mortgage Loan License Bond is a small percentage of the state-required $25,000 limit and is based on a soft credit check of the bond applicant.
View the chart below for details on the preferred tier rates and various bond terms available.
*Pricing reflected is not a guarantee, as the final quote for the bond is based on personal credit as stated above. Please note that not all available price tiers are shown.
The Maine Department of Professional and Financial Regulation, Bureau of Consumer Credit Protection utilizes the Nationwide Multistate Licensing System and Registry (NMLS) for the administration of mortgage loan broker and mortgage loan originator licenses, as well as the filing of surety bonds. So, once you purchase either of the Mortgage Loan License Bonds, it must be filed with the NMLS.
If you require further details on the mortgage industry, licensure processes in multiple states, and applicable surety bond regulations, look at Jet’s comprehensive Mortgage License Bonds Guide.