Mortgage Brokers in Indiana are licensed under the Indiana Loan Broker Act. The Indiana Securities Division of the Indiana Secretary of State's Office supervises and enforces all aspects of the Loan Broker Act. The Securities Division estimates that most Mortgage Brokers in the state represent from 10 to 70 different lenders, with each lender providing different loan terms.

All Indiana mortgage licenses are handled through the National Mortgage Licensing System. Prelicensing requirements include approved courses that are 20 or more hours and contain 3 hours of Federal Law, 3 hours of Ethics, 2 hours of Non-traditional Mortgage Lending plus 12 or more hours of electives. This may be in addition to Indiana-required content. A minimum of eight hours per year of continuing education is required per year, per the SAFE act.



The licensing fee for NMLS for Loan Originators is $119. The licensing fee for a broker is $300. Click on the links in the preceding sentences for more details about each license.

Applicants who desire to become a Loan Broker in Indiana must provide a continuous Surety Bond for $50,000 plus an original Power of Attorney. The Securities Division does a thorough background investigation on all applicants.

Principal Managers and Originators are required to complete eight hours of NMLS approved continuing education during each calendar year after the year in which their license was issued to maintain their license.

The Indiana Association of Mortgage Brokers (INAMB), is an affiliate of the National Association of Mortgage Brokers (NAMB), . The INAMB provides excellent educational and professional training for all members and those who desire to become a Mortgage Broker in Indiana.

Indiana Mortgage Forms

Indiana Reciprocity States

N/A

(as of 2/23/2010)

 

Indiana Approved Mortgage Schools Prelicensing and Postlicensing Education

Community Colleges

N/A
Private Schools

Abacus Mortgage Training
McKissock.com
TheMortgageTrainingCenter.com
Training Pro
Last Update:  2/22/2010
This list may not include all approved schools. Please visit the Indiana Securities Division website for the latest list of approved schools.