Mortgage brokers who wish to do business in the State of Maine must obtain a Loan Broker License from the Maine Bureau of Consumer Credit Protection (BCCP). License applications are submitted through the Nationwide Mortgage Licensing System (NMLS), and additional requirements for Maine can be found on the NMLS website. Licensing costs are $500, including the initial and renewal NMLS processing fees, and any fees paid through the NMLS are not refundable. An important step in the licensing process is the submitting and maintaining of a $25,000 surety bond with the BCCP. The bond must be uploaded to the MNLS website and the original copy mailed to the BCCP.
Maine Mortgage Broker License Bonds guarantee that the principal (mortgage broker) complies with all provisions of The Maine Consumer Credit Code and protects individuals and the state from loss or damages. If a consumer or the state incurs any losses or damages due to the principal’s failure to comply with Maine law, a claim may be filed against the surety bond. All damages paid out by the surety must be reimbursed by the principal.
Pacific Surety is proud to offer industry low rates and quick turnaround time for quoting of Maine Mortgage Broker License Bonds. Feel free to complete our simple application to obtain an approval within hours.
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Mortgage Broker Surety Bonds – Maine
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