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How much does a mortgage broker bond cost in Indiana?
The Indiana Securities Division requires mortgage brokers to post a $60,000 surety bond with the Nationwide Multistate Licensing System (NMLS). The cost of a mortgage lender bond depends on a review of their application by an underwriter. Applicants with good credit may pay as little as 1% of the total bond amount.
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.
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 get an Indiana mortgage broker license
Applicants wishing to become a mortgage broker in Indiana must meet the following requirements:
- Complete 20 hours of NMLS approved pre-licensure education courses
- Submit to a criminal background check
- Obtain a surety bond in the correct amount
- Pay the $80 licensing fee
Mortgage Industry Surety Bonds Available Nationwide
Many states have their own surety bond requirements for mortgage professionals. This means mortgage professionals who work in several states often have multiple surety bonds. Use the map below to learn more about mortgage bonds in other states.