The Indiana Mortgage Loan Broker Bond a type of surety bond and 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. A $60,000 Electronic Surety Bond (ESB) filed with the NMLS is required to obtain the license.
The surety 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.
License Requirements and Fees:
- Indiana Mortgage Loan Broker Bond
- Secretary of State Documentation
- Ultimate Equitable Owners
- Business Registration
- Consent to Service of Process
- MU2 Individual FBI Criminal Background Check
- Disclosure Questions
All fees are required by the obligee, not the Surety Company.
How to Obtain a Indiana Mortgage Loan Broker Bond
At surety1.com, we make it easy to apply for and obtain this surety bond with our simple 3 step process:
- Apply for your bond using our easy to navigate, online application.
- Get your free no obligation quote form one of our surety bond professional agents.
- Sign some paperwork and make payment (all major credit cards accepted)
After completing these 3 simple steps, your bond will be filed electronically with the NMLS.
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Surety1.com is the premier online provider of surety bonds nationwide since 2003. We also maintain an A+ rating from the Better Business Bureau.
CLICK HERE for more licensing information from the Indiana Secretary of State Securities Division.
APPLY for your Indiana Mortgage Loan Broker Bond today!