Indiana Mortgage Loan Broker Bonds
This law requires loan brokers, mortgage loan originators and principal managers to be licensed. Also under this new law requires that a surety bond must be posted to cover originators and principal managers who are employees of the loan broker. The surety bond amount that will be posted is determined upon the total amount of residential mortgage loans originated in the previous calendar year. If the total is not greater than $5 million the bond amount will be $50,000. If the total amount is between $5 million and $20 million the bond amount posted will be $60,000. Any amounts that exceed $20 million will be posted in the amount of $75,000. This law became effective on January 1, 2010.