Indiana Mortgage Licensing
Indiana Qualified Individual (QI) is requires to be actively engaged in the operations for both license types.
Indiana's Broker license is unique in that it requires the QI to be a control officer of the company and hold a special MLO license called a Principal Manager (PM). QI must also meet the experience requirement of 3 of the last 5 years by holding Approved - Active Mortgage Loan Originator License/s. Much like the QI for the Broker company license, any branch location that wants to conduct Indiana business will be required to have a Branch Manger that holds the Principal Manager (PM) MLO license to be able to apply. This license type does not have a net worth requirement but does require a bond in the amount of $60,000.
Indiana's Lender license on the other hand only requires the QI to have 2 out of the last 5 years of experience, but does require a Reviewed Financial Statement reflecting a net worth of $100,000 with liquid assets of $50,000. A Bond in the amount of $100,000 and an Anti-Money Laundering (AML) / Bank Secrecy Act (BSA) Policy that must include independent review is also required.
| State | License Name | State Fee | Bond Premium Est. | SOS Fee | MLG Processing Fee | Total |
| Indiana - SOS | Loan Broker License | $300 | $450 | $125 | Call for More Information | $875 |
| Indiana - DFI | Mortgage Lending License | $1,100 | $750 | $125 | Call for More Information | $1,975 |
License: SOS Loan Broker License
- Operating Status: Broker
- Bond Amount: $60,000
- Net Worth: Positive
- Brick & Mortar: No
- Financial Type: Unaudited
License: DFI Mortgage Lending License
- Operating Status: Lender
- Bond Amount: $100,000
- Net Worth: $100,000 with $50K Liquid
- Brick & Mortar: No
- Financial Type: Reviewed
IN-SOS: Loan Broker License
Application cost is relatively inexpensive. An actively licensed Principal Manager (PM) is required for all locations conducting loan origination activities (including branches). This person must have 3 out of the last 5 years experience in the industry. Surety bond required in the amount of $60,000. Fee of $100 for each ultimate equitable owner of 10% or more will be invoiced separately through the NMLS and is not included in the initial application fees.
IN-DFI: Mortgage Lending License
Qualified individual must meet requirements: must have 2 years verifiable experience in the business of making or underwriting of residential mortgage loans or similar lending and credit evaluation experience and be actively engaged in the operations of the lender. Surety bond required in the amount of $100,000 and an Anti-Money Laundering (AML) / Bank Secrecy Act (BSA) Policy that must include independent review.
For more information or to speak to a representative for your state
call us today at 866-576-7726
**Fees & terms are subject to change without notice.**