Maine Mortgage Broker Bonds

License Overview

Mortgage Brokers in the state of Maine are regulated by the Consumer Credit Regulation Department of the Maine Department of professional and Financial Regulation. Mortgage Brokers are referred to as either “Loan Brokers” or a “Credit Services Organization”. Brokers are not required to have a physical location within the state in order to operate. They also do not have any educational requirements which make them a very lenient state.

Maine is a state that makes changes yearly to their Loan Brokering Laws so it is strongly recommended that you keep up with the changes. Maine requires a $25,000 Surety Bond for all brokers to coincide with their license period of one year. Applicants do not have to furnish financial statements or reports in order to apply but they will be required to provide a resume to the department.

Bad Credit Maine Mortgage Broker Bonds

Any applicant with less than perfect credit is encouraged to apply with JW Bond Consultants, Inc. We have a special program that is tailored to meet the needs of applicants that are considered higher risk.

Maine License Requirements

Age: 18

State Residency: Not Applicable

Experience: No set requirement, but a resume must be submitted

Education: Not Applicable

Continuing Education: 12 hours annually

Net Worth: Not Applicable

Surety Bond: $25,000

Free Surety Bond Quote

Background Check: Criminal & credit

Maine State Licensing Fees

Initial Application: $400

Branch Location: $400

Renewal Application: $200

Branch Offices:

In State Requirements: Each branch must be licensed

Licensure Requirements: Mu

Exemptions:

Entities: Attorneys, approved financial institutions, commercial loan brokers

Safe Harbor: Any loan closed in another state is not considered a “Maine Transaction”

*This Information for licensing is provided only as a quick reference, make sure you contact the state to verify all information prior to making your application.

Get a FREE quote on your Mortgage License Surety Bond online now!

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