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Indiana Mortgage Loan Broker Bond
Bond Requirements and Online Application
The Indiana Mortgage Loan Broker Bond is required by the Indiana Secretary of State Securities Division.
According to the Indiana Loan Broker Act (Ind. Code Section 23-2-5), a “loan broker” is any person who procures a residential mortgage loan from a third party or any other person, whether or not the person seeking the loan actually obtains the loan. In order to conduct business as a licensed loan broker in the State of Indiana, all applicants must file a surety bond with the Securities Commissioner.
The required bond amount depends on the applicant’s loan volume of the previous year:
A loan volume less than $5,000,000 requires a $50,000 surety bond.
A loan volume between $5,000,001 and $20,000,000 requires a $60,000 surety bond.
A loan volume more than $20,000,000 requires a $75,000 surety bond.
The Indiana Mortgage Loan Broker Bond ensures the licensee’s compliance with the Indiana Loan Broker Act. It is in favor of the state and guarantees payment of damages to any person injured by any wrongdoing of the licensee. Loan broker licensees must renew their license annually between November 1 and December 31. The license expires on December 31 of the year it was issued.
1. Complete an online application. It's free and no-obligation.2. One of our surety experts will contact you with a firm quote and an agreement to sign.3. Provide payment and your signed agreement, and then you will receive your Indiana Mortgage Loan Broker Bond!If you have any questions, please call us at 877-654-2327.
HOW TO GET BONDED
1. Apply OnlineUsing our Free & Secure Application2. Get Your Free QuoteApplications are No-Obligation3. Get Your BondMost Bonds are Approved in 1-2 Business Days