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Indiana Mortgage Broker Bond

How much does a mortgage broker bond cost in Indiana?

The Indiana Securities Division requires mortgage brokers to post a surety bond with the Nationwide Mortgage Licensing System. The amount of these bonds depends on the previous years’ loan volume. The prices are as follows:

  • $50,000-Less than $5 Million
  • $60,000-More than $5 Million less than $20 Million
  • $75,000-More than $20 Million

It is important to check with the Securities Division on the exact bond amount because that will affect the premium one pays. The premiums a mortgage lender pays depends on a review of their credit report. An applicant with exceptional credit may pay as low as 1% of the total bond amount.

Give us a call at 1 (800) 308-4358 or submit a bond request to apply now.

Bond Type Bond Amount Cost by Credit Score*
680 and up 679 - 600 599 or lower
Mortgage Broker Bond (Less than $5,000,000 in loans) $50,000 Starts at $500 $1,500-4,500 $5,000+ Apply Now
Mortgage Broker Bond ($5,000,001-20,000,000 in loans) $60,000 Starts at $600 $1,800-5,400 $6,000+ Apply Now
Mortgage Broker Bond ($20,000,001-or more in loans) $75,000 Starts at $750 $2,250-6,750 $7,500+ Apply Now
*The bond premium rate quotes provided to you through this website are for pricing comparisons and quotation estimate purposes only. The bond rate quotes provided are based on general assumptions that may or may not be applicable to you and are subject to change at any time. These rate quotes do not constitute an offer of insurance, nor is any contract, agreement, or bond coverage implied, formed or bound by the provision of rate quotes. Bondability, final bond premium rate quotes and an offer of insurance, if any, will be determined by the insurance company providing your bond. You must contact us directly to obtain a quote for binding purposes.

If you’re ready to purchase this bond, call SuretyBonds.com or fill out our online bond request form.

Why do I need this bond?

A mortgage broker bond is required due to the Indiana Loan Broker Act. These bonds protect consumers from financial loss due to fraud and other unethical practices committed by mortgage professionals. If there is a claim against the bond the surety will pay it up the full bond amount. However, the principal (mortgage broker) must then reimburse the surety.

Apply today for a free quote on an Indiana mortgage broker bond. Our bond experts can typically get you a bond quote within one business day of applying!

What’s the fine print?

Indiana mortgage broker bonds are in effect for one year and must be renewed annually. The bond is in full effect for the year unless claimed against or cancelled. The surety has the right to cancel the bond if they give 30-days’ written notice to the Indiana Securities Division.

How to become a residential mortgage licensee in Illinois

Applicants wishing to become a mortgage broker in Indiana must submit the following:

  • Complete 20 hours of NMLS approved pre-licensure education courses
  • A criminal background check
  • A surety bond in the correct amount
  • $80 licensing fee

Our experts understand all of these requirements and are ready to help you take the first step toward getting licensed by getting you the bond you need. Submit a bond request today to get started.

Ready to get started?

Get a FREE Residential Mortgage License Bond Quote Today!

Application Requirements

Indiana Loan Broker Act

Indiana Securities Division Contact Information

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