An Indiana mortgage broker bond is a type of surety bond that is required by the Indiana Secretary of State for individuals or companies that want to operate as mortgage brokers in the state. The bond ensures that the broker will comply with state regulations and operate their business in an ethical and honest manner. In the event that the broker violates any regulations, the bond can be used to compensate any affected parties. The amount of the bond and specific requirements may vary based on the broker's experience and history.
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.
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.
Try our 100% Secure Mortgage Broker Bond Online Application to get the Lowest Mortgage Broker bond rates in all 50 States.
You can buy your Indiana Mortgage Broker Bond (Apply) online immediately
A $50,000 minimum surety bond is required for a mortgage broker license in Indiana.