What is a Maine Mortgage Loan Originator or Loan Broker Bond?
Mortgage Loan Originator or Loan Broker Bonds are surety bonds required in Maine to ensure the bonded principal faithfully executes the duties and obligations in conducting business of a mortgage loan originator or loan broker. The mortgage surety bonds are mandated in conjunction with the tenure of the license issued to by the Superintendent of the Bureau of Consumer Credit Protection of the State of Maine under the authority, of and as provided in Title 9-A M.R.S.A., and the Maine Consumer Credit Code. The bonded principal must comply with applicable provision of the Code and all rules and regulations lawfully made by the Superintendent.
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Why is a Maine Mortgage Bond Required?
The purpose of Mortgage Loan Originator and Loan Broker Bonds is to cover all claims collected, property converted and losses caused by the licensee during the term of the license covered by the bond. The aggregate liability of the surety for any and all claims which arise under the bond shall in no event exceed the bond penalty.
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