Commercial Surety Bonds

Indiana Mortgage Broker Bonds

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Indiana Mortgage Brokers are regulated by the Indiana Securities Division of the Indiana Secretary of State’s Office. They are governed underneath the Indiana Loan Broker Act which outlines practices that are acceptable. The act made a change in 2006 for the license term to be a two year term and must have a $50,000 Surety Bond plus an original Power of Attorney in place that coincides with said term.

Indiana is a state that believes in having extensive educational requirement for all Mortgage Brokers to get licensed. They must complete 24 hours of pre-licensing education in the prior 24 months before you apply for your license. The credits must be related to the mortgage loan business and must be preapproved by the commissioner of the state.

Bad Credit Indiana Mortgage Broker Bonds

Any applicant with less than perfect credit is encouraged to apply with JW Bond Consultants, Inc. We have a special program that is tailored to meet the needs of applicants that are considered higher risk.

Indiana License Requirements

Age: 18

State Residency: Yes

Experience: Nothing Required

Education: 24 credit hours within the past 2 years

Continuing Education: 12 hours every 2 years

Net Worth: No net worth requirement

Surety Bond: $50,000 for a two year term

Background Check: Criminal and credit

Managing Principle: None Required. No physical location is required.

Indiana State Licensing Fees

Initial Application: $200

Branch Location: $200

Branch Offices:

In State Requirements: Each branch office must be licensed

Licensure Requirements: One licensed Mortgage Broker per branch office

Exemptions:

Entities: Attorney, CPA, The Indiana housing and community development authority, or any bona fide third party as per exemptions guidelines.

Safe Harbor: None

*This Information for licensing is provided only as a quick reference, make sure you contact the state to verify all information prior to making your application.

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