Maine Mortgage Licensing

Maine offers two license types for mortgage companies, a Loan Broker License and a Supervised Lender License. The Broker license requires unaudited financials where as the lender license requires an Audited financial statement prepared by a CPA within 90 days of your fiscal year end. Maine also requires a minimum net worth of $25K per licensed office location for both license types. Surety bond is also required for both on a per licensed office location bases, with the Broker being $25,000 per location and the Lender being $50,000 per location. If applicable, the state will also require an uploaded authorization allowing examination of trust accounts for the purpose of holding funds belonging to others. Both license types require a named QI that is located at the cooperate office.