The Maine Mortgage Loan Originator Bond is a $25,000 surety bond required to obtain a license to become a loan originator in Maine. The bond is in place to protect the public and the state of Maine from the consequences of dishonest or incompetent loan originators. It is NOT INSURANCE for the loan originator. The bond is part of the Nationwide Mortgage Licensing System (NMLS)-based “mortgage loan originator” licensing program. This bond is required for all individual loan originators in the state of Maine. For the required entity bond, visit the Maine Mortgage Loan Broker Page.
New applicants for a Mortgage Loan Originator (MLO) license must complete 20 hours of NMLS-approved courses to satisfy the pre-licensing educational requirement. Of the total hours, three hours must focus on federal laws and regulations; three hours on ethics; and two hours on non-traditional mortgage products.
If a mortgage loan originator (MLO) changes employers, that MLO must take quick action, since he or she is not qualified to originate loans from the time of leaving the prior employer, to the time the Bureau approves the MLO with the new employer. This strict rule is designed to prevent an individual from originating loans during such time as the Bureau does not have proof that the new employer’s surety bond on file with the state will cover damages caused by, or losses incurred as the result of actions by, the new employee. No changes are required in the individual’s Maine Mortgage Loan Originator’s Bond.
You can apply online in minutes and obtain a quote, usually the same day day you apply. Surety1 is licensed in all 50 states and the District of Columbia to handle all your mortgage industry bond needs. Surety1 has been providing bonds to the mortgage industry since 2003.