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How Much Does an Indiana Loan Broker Bond Cost?
The cost of an Indiana loan broker bond starts at $600. The bond cost ranges from 1% to 10% of the bond amount. The applicant’s credit scores as well as business experience and assets determine the bond cost.
The state-mandated bond requirement for Indiana loan brokers is $60,000. The bond is purchased through an authorized Indiana surety company. The applicant is responsible for paying the premium for each office it operates in the state.
We provide loan broker bonds to applicants with a range of credit scores. Applicants with a credit score of 700 or higher qualify for a premium rate of 1% to 3%. With a credit score between 600 and 699, the premium rate ranges from 3% to 5%. For applicants with a 599 credit score or lower, the rate falls between 5% to 10% of the amount.
Surety Bond Cost Based on Credit Score |
||||
Surety Bond Name |
Surety Bond Amount |
Over 700 |
Between 600 - 699 |
Below 599 |
Indiana Loan Broker Bond |
$60,000 |
$600 - $1800 |
$1800 - $3000 |
$3000 - $6000 |
How to Get an Indiana Loan Broker Bond
1. Submit Your Application
The first step is to spend a few minutes filling out the online application for an Indiana loan broker bond, also known as “mortgage broker bond”. With more than 10 years of experience and many bond programs available, we bond more than 99% of applicants. Bond programs are available for applicants with a wide range of credit scores.
We were recently contacted by Marcy, who planned to open a residential loan brokerage business. She needed to buy an Indiana surety bond quickly. Marcy applied online and received an instant, no-obligation quote. After paying the premium online, Marcy was able to finalize her license application.
2. Review Your Loan Broker Bond Quote
Immediately after submitting your Indiana loan broker bond application online, you’ll receive a free quote from us. If your situation is more complex, we’ll provide you with a quote within 48 hours.
3. Purchase Your Bond
After reviewing your loan broker bond quote, the last step is to pay your premium. For your convenience, we accept online payments. As soon as we receive your premium payment, your bond will be available to print. You can also request a mailed copy of your Indiana loan broker bond.
When applying for your loan broker license, you will submit your electronic surety bond with the other required items to the NMLS.
If you have any questions or encounter any difficulties, our surety bonds experts are here to help you – contact us or call us at (877) 514-5146.
Loan Broker Bond Requirements in Indiana
In Indiana, a loan broker is defined as a company that procures, assists in procuring or attempts to procure a residential mortgage. Residential loan brokers must be properly licensed, and the license must be renewed annually.
Indiana requires each office operated by a loan broker to be licensed. When applying for an Indiana loan broker license, you must post a surety bond in the amount of $60,000 to the Indiana Secretary of State. An authorized surety bond company in Indiana must issue the bond.
An electronic surety bond must be submitted to the NMLS to complete the application for an Indiana loan broker license. All other documentation on the New Application Checklist should be mailed or submitted online to the NMLS.
Your loan broker license and bond expire annually on December 31. You must submit the required license renewal documentation to the Indiana Secretary of State at least 30 days before the expiration date. Your surety bond company will contact you prior to this date to renew your loan broker bond.
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What Our Clients Have To Say?
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!