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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 Multistate Licensing System (NMLS). The amount of these bonds depends on the previous year’s loan volume and are as follows:

It is important to check with the Securities Division on the exact bond amount because that will affect the cost of the bond. The cost of a mortgage lender bond depends on a review of their application by an underwriter. Applicants with good credit may pay as low as 1% of the total bond amount.

Bond Type Bond Amount Cost*
$50,000 Mortgage Broker Bond Less than $5,000,000 in loans $50,000 Starts at $500 Apply Now
$60,000 Mortgage Broker Bond Between $5,000,000-19,999,999 in loans $60,000 Starts at $600 Apply Now
$75,000 Mortgage Broker Bond At least $20,000,000 in loans $75,000 Starts at $750 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.

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 Avaiable 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.

Additional Resources

Application Requirements

Indiana Loan Broker Act

Indiana Securities Division Contact Information

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