Indiana Mortgage Broker Bond

The Indiana Securities Division requires anyone who wants to get an Indiana mortgage broker license to post a surety bond between $50,000 and $75,000. The Nationwide Multistate Licensing System & Registry (NMLS) handles the actual licensing process. The bond ensures you will follow applicable state legislation, including the Indiana Loan Broker Act.

The price that you have to pay to get bonded is based on the bond amount that you have to provide. That will range between $50,000 and $75,000 and is based on your yearly loan volume. You will only have to pay a percentage of it out of pocket, which is called the bond premium. If your finances are stable, you can expect rates between 1% and 5%.

What factors determine your surety bond cost? The surety that you apply with has to examine your personal credit score, business finances, and assets and liquidity that you may have. By analyzing these indicators, it can assess the level of the bonding risk involved. The more stable your finances are, the smaller your bond premium is likely to be.

It may be difficult to get bonded with problematic financials, but it's possible with Lance Surety Bonds. We operate our Bad Credit Surety Bonds program for applicants with financial issues such as a low credit score, tax liens, bankruptcies, and civil judgements.

The rates are slightly higher due to the increased bonding risk - between 5%-10%. But, as we work with numerous A-rated and T-listed surety companies, we are still able to offer you a top bonding option that fits your needs.

To obtain your Indiana mortgage broker bond, follow these steps:

1. Complete the online application form (it takes 5min)

2. Get you free, no-obligation quote

3. If you're happy with it, you can purchase the bond online right away

4. We will then send you a digital and a hard copy of your bond

Wondering how exactly the bonding process works? Don't hesitate to visit our How to Get Bonded page.

For any further information you may need, we are here to help. Just contact us at (877) 514-5146 to speak to one of our bonding experts directly.

You may end up with a claim against your bond if you fail to follow the law. That's how parties who have suffered damages due to your illegal actions can demand compensation.

The claimants can seek reimbursement up to the penal sum of your bond. Initially, your surety may step in to cover the costs on proven claims. However, you are liable to repay it fully, as per the bond indemnity language. On this account, it's best to avoid situations that can give rise to any claims.