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How Much Does a Maine Loan Broker or Supervised Lender Bond Cost?
A Maine loan broker bond costs between $250 and $2,500. A supervised lender bond costs between $500 and $5,000. These costs are based on the required bond amount of $25,000 for a loan broker and $50,000 for a supervised lender.
You do not need to pay the full bond amount to meet the state’s requirement. Instead, your bond can be purchased through an authorized Maine surety company. The cost of the bond is between 1% and 10% of the total bond amount.
The rate depends on your professional experience, credit scores and assets. We provide bonds to over 99% of our applicants, including those with lower credit scores.
With a credit score of 700 or better, your bond premium rate will fall between 1% and 3%. The rate will be between 3% and 5% for a score ranging from 600 to 699. A rate of 5% to 10% applies for lower credit scores.
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Surety Bond Cost Based on Credit Score |
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Surety Bond Name |
Surety Bond Amount |
Over 700 |
Between 600 - 699 |
Below 599 |
|
Maine Loan Broker Bond |
$25,000 |
$250 - $750 |
$750 - $1,250 |
$1,250 - $2,500 |
|
Maine Supervised Lender Bond |
$50,000 |
$500 - $1,500 |
$1,500 - $2,500 |
$2,500 - $5,000 |
How to Get a Maine Loan Broker or Supervised Lender Bond
1. Apply for Your Bond Online
Buying a surety bond for a loan broker or supervised lender in Maine is an easy process. It begins when you complete and submit the streamlined online application. With over 10 years of experience, our bond experts are available to answer your questions and help you set up your new bond.
When Reggie contacted us recently, he was applying for a loan broker license and needed to buy the required bond. With our quick process, it only took him a few minutes to apply online and get an instant bond quote. He paid the bond premium online and soon received the bond via email.
2. Review Your Bond Quote
Before submitting your loan broker or supervised lender license application, you need the required surety bond. You can quickly meet the bond requirement when you buy your bond from our reputable company.
We provide immediate quotes upon receiving bond applications. If your application requires greater review, we will give you a quote in 48 hours or less.
3. Make Your Premium Payment
With our online payment portal, you can wrap up your purchase quickly. After we receive your premium payment, we will prepare the bond and email it directly to you. Upon request, we are happy to mail your surety bond as well.
If you run into a challenge or have questions about your quote, we can help. Contact us or call us at (877) 514-5146.
Start your surety bond application. 100% money-back guarantee!
Loan Broker or Supervised Lender Bond Requirements in Maine
The Maine Department of Professional and Financial Regulation – Consumer Credit Protection is responsible for ensuring compliance of license and bond requirements. However, license applications and renewals must be submitted to the National Multistate Licensing System, or NMLS.
Under Title 9-A: Maine Consumer Credit Code, a loan broker is someone who expects or receives compensation for assisting with credit ratings, arranging credit or advising in these areas. A supervised lender is a financial institution or insurance company that is supervised by a state or federal authority.
To obtain and maintain a loan broker or supervised lender license, a bond must be active. The loan broker bond requirement is $25,000 for each licensed location, and the supervised lender bond requirement is $50,000. The obligee is the Superintendent of the Bureau of Consumer Credit Protection of the State of Maine.
These bonds run continuously. A 30-day written notice must be provided to the Bureau of Consumer Credit Protection prior to canceling the bond. To maintain the bond, the annual premium must be paid. We will be in touch annually with payment instructions.
Get more information about how to get a mortgage broker license in Maine. You can also reach the Bureau of Consumer Credit Protection at (800) 332-8529 to learn more.
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What Our Clients Have To Say?
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
