Maine Mortgage Broker Bond Requirements
All types of applicants for mortgage-related licenses in Maine need to post a mortgage broker bond when applying. Loan brokers and mortgage loan originators must submit a $25,000 bond. Applicants for a supervised lender license must post a $50,000 bond.
All three licenses are issued and regulated by the Maine Bureau of Consumer Credit Protection.
To apply for your license, you must use the Nationwide Mortgage Licensing System (NMLS).
Once you create a profile in NMLS, you will get access to the application forms for your license. There you will also be able to attach your supporting documents, such as your mortgage broker bond.
Why Do I Need a Bond?
This bond serves as a guarantee that licensed lenders, loan brokers, and originators in Maine will comply with Title 9-A of the Maine Revised Statutes (also known as the Maine Consumer Credit Code).
Its purpose is to guarantee compensation to any individual who is harmed due to the actions of a Maine mortgage broker.
If a claim is filed against your bond, the surety that has issued it will investigate the situation. It may then compensate claimants up to as much as the full penal sum of your bond.
If this is your first time getting bonded, see our ‘What is a surety bond’ guide for a detailed explanation of how bonds work, and why they are required.
To learn more about how much your bond will cost, and how to apply, see the sections below!
If you have any questions you’d like to address with our bond experts in person, call us at 866.450.3412!
How Much Does The Maine Mortgage Broker Bond Cost?
To become a loan broker or mortgage loan originator in Maine, you must submit a $25,000 bond.
In order to get a supervised lender license, you must submit a $50,000 bond.
Your surety bond premium, i.e. your bond’s cost, is a percentage of its full amount. The surety that issues the bond determines the premium based on several financial factors.
Factors That Determine Your Bond Premium
Your personal credit score is the primary factor that influences your bond premium. If you have a high credit score, you are very likely to be offered a low bond rate. Whereas, if you have a low credit score, you are likely to get a higher rate on your bond.
For example, applicants with very high credit scores can expect their bond premium to be between .75% and 1.5% of the total bond amount.
Applicants with average scores are likely to be offered rates of up to 3%, while applicants with low scores can expect their bond rate to be equal to 3% or more.
Along with your credit score, the surety will also want to review the following aspects of your financials, to get a better picture:
- Personal and business financial statements
- Fixed and liquid assets
- Work experience and record
If you want to know more about how the bond cost is formed, see our surety bond cost guide for a full explanation and examples.
Curious how much your bond might cost, based on your credit score? See the table below for a list of estimates.
|Maine Mortgage Broker Bond Cost Based on Credit Score|
|License type||Bond Amount||Credit Score|
|Above 700||650-699||600-649||Below 599|
|Loan broker, mortgage loan originator||$25,000||$188-$375||$250-$750||$375-$1,000||$750-$1,750|
How to Get a Mortgage Broker Bond in Maine
Want to apply for your mortgage broker bond? Click on the banner below and simply complete the brief bond application form. You will then receive a free quote, along with further details about the next steps in the bonding process.
If you have any further questions about the bonding requirements in Maine for your type of licensee, call our bond experts at 866.450.3412 anytime!
Bryant Surety Bonds is licensed to help businesses get bonds in all 50 states. We can assist you to get bonded as a mortgage broker anywhere in the country, and in more than one state at once!