Maine Mortgage Broker Bond

Maine Mortgage Broker Bond

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A Maine mortgage broker bond is a type of surety bond required by the Maine Bureau of Consumer Credit Protection for mortgage brokers operating in Maine. The bond serves as a guarantee that the broker will comply with all state and federal laws and regulations related to mortgage lending activities, and will not engage in any fraudulent or unethical practices. The bond amount required by the state of Maine varies depending on the volume of business conducted by the broker. If a broker fails to comply with the terms of the bond, a claim can be made against the bond to compensate any harmed parties. The Maine mortgage broker bond is intended to protect consumers and ensure that mortgage brokers operate with honesty and integrity in their business practices.

What is an Maine Mortgage Broker Bond? 

Maine Mortgage Broker Bonds are required by Maine's Bureau of Financial Institutions to obtain your Mortgage Broker license. The Maine Mortgage Broker Bond amount is set at $25,000. This license is required of any 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 State requires a Mortgage Broker bond for :  

a minimum of a $25,000 surety bond for all mortgage brokers


Different parts of a bond:

There are 3 parts to a Mortgage broker surety bond. The Principal "YOU", The Surety Company, and the Obligee. The Principal is the business or individual applying for the Mortgage Broker Surety Bond. The Obligee is the individual or entity requiring the Surety Bond and the Surety Company is the company who provides the Surety Bond coverage.

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Maine Mortgage Broker Bond Information and Requirements:

Mortgage Brokers most get a $25,000 surety bond for their main office and for each other location that they have.

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