Mortgage Brokers - First and Second Mortgage Loans
Overview
What it is.
Mortgage Brokers - First and Second Mortgage Loans
Who usually needs it
Loan brokers operating in Maine—businesses or individuals who arrange or negotiate loans for consumers under Maine statute 10-201—must obtain this $25,000 surety bond as a prerequisite for licensure. Applicants for a Loan Broker License issued by the Maine Bureau of Consumer Credit Protection require one bond per branch location.
Pricing & timing
What to expect.
Generic pricing
License bonds are required by state and local governments to ensure compliance with industry regulations. Typical Pricing:. • Small bonds (under $25,000): Typically $100–$250 per year (flat fee). • Larger license bonds: Commonly around 1–5% of the bond amount annually. • Credit impact: Good credit: starting around 1–2% · Average credit: typically 2–4% · Credit challenges: often 4–5% or higher. Same-day approval is typical for many common license bonds. Some license bonds may price higher de…
Typical timeframe
Issuance timeframe varies by bond type and underwriting
Application
What to do next.
Tell us the bond name, state, and amount on your form.
Share business and applicant info so the team can quote it.
Sign and pay; we issue the bond and send you the documents.
Keep your effective date and renewal date on file with us.
Start the application.
You are on the exact bond page. The next step is to start the quick application.
StateMEBond amountVaries by license type or projectObligeeState of MaineBond classLicense BondCategoryOtherBondLoan BrokerPlain descriptionMortgage Brokers - First and Second Mortgage LoansWho needs this bondLoan brokers operating in Maine—businesses or individuals who arrange or negotiate loans for consumers under Maine statute 10-201—must obtain this $25,000 surety bond as a prerequisite for licensure. Applicants for a Lo…
