Maine Mortgage Broker Bonds
Maine has a $25,000 ME Mortgage Loan Originator Surety Bond requirement by the Bureau of Consumer Credit Protection. Maine MLO’s must obtain licenses and the required $25,000 Maine Mortgage Loan Originator surety bond if they intend to originate loans after December 31, 2010.
“Mortgage loan originator” means an individual who for compensation or gain or in the expectation of compensation or gain takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan.
The Maine SAFE Act requires Mortgage Loan Originators to meet certain bonding or net worth requirements, but then states that MLOs may, under certain circumstances rely on the surety bonds posted by, or net worth demonstrated by, their employers. The ME Bureau of Consumer Credit Protection has issued an Order Governing Interim Procedures that clarifies that for those Mortgage Loan Originators who are employed by (or who are the exclusive agents of) licensed supervised lenders or loan brokers, the surety bonds provided as part of the supervised lender’s or loan broker’s license applications with the State, can serve as appropriate substitutes for individual surety bonds posted as part of the MLO licensing process.
Maine Mortgage Bonds
Those ME Mortgage Loan Originators who are not employed by, or the exclusive agents of, a licensed supervised lender or loan broker, can either post an individual surety bond, or can demonstrate net worth of at least $25,000 utilizing a CPA’s audited report, reviewed report or personal balance sheet.
Call NFP Surety for more information about obtaining the Maine Mortgage Loan Originator Bond. Our phone number is (800) 863-3210.