Maine Mortgage Loan Originator Bond
Flat Rates & No Credit Check
| Bond Amount Required | Bond Term | Annual Premium |
| $50,000 | 1 Year | $300 |
Maine mortgage loan originators are regulated under the Maine SAFE Act. A mortgage loan originator must satisfy the applicable surety-bond or minimum-net-worth requirement. When the MLO is an employee or exclusive agent of a covered entity, that entity's bond may be used to satisfy the MLO's bond requirement.
Cost of the Maine Mortgage Loan Originator Bond
The annual premium for a Maine Mortgage Loan Originator Bond is $300 for the required $50,000 bond amount and a one-year term. No credit check or financial statements are required. Complete the application to secure your bond. Complete this form.
Who Needs the Bond?
Maine law requires mortgage loan originators to comply with either the surety-bond provisions or the minimum-net-worth alternative. An MLO who is an employee or exclusive agent of a person subject to the Maine SAFE Act may use that person's surety bond instead of maintaining a separate individual bond. Applicants should confirm the required coverage structure for their NMLS filing before purchasing an individual bond.
How the Maine Mortgage Loan Originator Bond Works
The surety bond provides financial protection tied to the mortgage loan originator's compliance with Maine mortgage licensing requirements. Maine law requires the bond to provide coverage for each mortgage loan originator in the amount prescribed by the administrator.
Principal: Maine mortgage loan originator or applicable employing entity
Obligee: State of Maine / Bureau of Consumer Credit Protection
Surety: Surety company issuing the bond
How to Get the Maine Mortgage Loan Originator Bond
1. Confirm whether an individual MLO bond is required or whether the applicant is covered by an employer/entity bond.
2. Complete the online bond application through the NNA/Propeller affiliate link.
3. Select the required $50,000 coverage and confirm the $300 annual premium.
4. Complete the bond issuance and applicable NMLS filing requirements.
5. Maintain required bond or qualifying financial-responsibility coverage while licensed.
Review the Maine Bureau of Consumer Credit Protection MLO licensing page and Maine SAFE Act surety-bond requirements for current requirements.