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Maine Mortgage Loan Originator Surety Bond

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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 lender, mortgage loan brokers, mortgage loan originators. The Maine Revised Statutes, Consumer Credit Code, Title 9-A, Article 2, Part 3 defines the licensing of mortgage loan brokers, mortgage supervised lenders and mortgage loan originators and the surety bond requirement.

Surety Bond and License Requirements:

  1. Complete the educational requirements and pass the examination.
  2. Complete the mortgage loan originator application found on the NMLS system and pay the applicable filing fee, credit report fee, and FBI Criminal Background Check fee.
  3. If applicant answers Yes to any of the Disclosure Questions, provide and explanation for each answer and provide any additional documents to support the explanation.
  4. The Employment Verification Form must be submitted by the supervised lender if the mortgage loan originator is an employee of the business.
  5. Authorization for a credit report and an FBI criminal background check must be completed.
  6. Obtain a $50,000 surety bond for a mortgage loan originator who is not employed by a supervised lender or mortgage loan broker or is an exclusive agent. The bond form must match the full legal name that was used on the application. The surety bond renews on an annual basis.

How Much Will This Bond Cost?

The premium that you pay for a Maine Mortgage Loan Originator Surety Bond is dependent on credit.

Did you know?

The State of Maine requires mortgage loan originator licenses to be renewed by December 31 of each year.

Related Links:

NMLS - Maine Mortgage Loan Originator License Individual New Application
NMLS - Federal Registry Resource
Maine Licensing & Registration

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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