What is an Indiana Mortgage Broker Bond?
Indiana Mortgage Broker Bonds are required by Indiana's Department of Financial Institutions to obtain your Mortgage Broker license. The Indiana Mortgage Broker Bond amount is set at $50,000. This License is required of any company or sole proprietorship which obtains, or assists in obtaining an Indiana residential mortgage loan from a third party.
The State requires a Mortgage Broker bond for :
Different parts of a bond:
There are 3 parts to a Mortgage broker surety bond. The Principal "YOU", The Surety Company, and the Obligee. The Principal is the business or individual applying for the Mortgage Broker Surety Bond. The Obligee is the individual or entity requiring the Surety Bond and the Surety Company is the company who provides the Surety Bond coverage.
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Indiana Mortgage Broker Bond Information and Requirements:
A $50,000 minimum surety bond is required for a mortgage broker license in Indiana.