Maine Mortgage Loan Brokers & Supervised Lenders Bonds
The State of Maine, Department of Professional & Financial Regulation, Consumer Credit Protection, through the National Mortgage Licensing System, is tasked with the licensing of residential mortgage supervised lenders, mortgage loan brokers, non-profit lender, and mortgage loan originators. The Maine Revised Statutes, Consumer Credit Code, Title 9-A, Article 2, Part 3 defines the surety bond requirement and licensing of mortgage loan brokers, mortgage supervised lenders, and non-profit lenders.
Surety Bond and License Requirements:
- Complete education and pass the examination.
- Complete the mortgage loan broker/supervised lender license application found on the NMLS system and pay the applicable FBI Criminal Background Check fee, credit report fee, and filing fee.
- Supervised mortgage lenders and non-profit lenders must obtain a $50,000 surety bond for the main office and each additional office location.Mortgage loan brokers must obtain a $25,000 surety bond for the main office and each additional office location. The bond form must include the full legal name and must match the name that is used on the application. Surety bonds need to be renewed annually.
- List the person designated as the on-site or branch manager as the qualifying individual. Each branch location must also have a designated on-site manager. For application purposes, all branch locations will use the main office address for this field.
- Submit a business plan that provides marketing strategies, types of loans offered, target area, operating structure and staff to be employed.
- Provide an organizational chart indicating the structure of the company.
- Provide formation documentation for applicants that are partnerships, corporations, or limited liability companies.
- The Resident Agent or Registered Agent must match the name listed with the Secretary of State.
- Provide an audited financial statement prepared by a Certified Public Accountant, dated within 90 days of the business fiscal year end. Submitted financials must include a balance sheet, income statement, statement of cash flows and any relevant notes. New businesses must provide an initial statement of condition. Supervised and non-profit lenders must have a minimum net worth of $25,000 per office location is required.
- Provide sample copies of consumer disclosure forms, origination forms, loan modification forms, etc.
- Provide a Certificate of Authority or a Good Standing Certificate issued by a Secretary of State.
- Indicate on the application any trade names or dba’s that will be used.
- If applicant answers Yes to any of the Disclosure Questions, provide complete details and any applicable documents.
- Complete the Trust Account Authorization.
- Submit a management chart that provides the applicants divisions, officers, and managers.
How Much Will This Bond Cost?
The premium that you pay for either a Maine Mortgage Loan Broker or Supervised Lender Surety Bond is dependent on credit.
Did You Know?
The State of Maine requires supervised lender licenses must be renewed by December 31 of each year.
Related Links: NMLS - Maine Supervised Lender License Information NMLS Registration PortalMaine Consumer Credit - Licensing & RegistrationNMLS - Maine Supervised Lender License - New Application Checklist
More Surety Bond Questions?
Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
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