Article Summary: This article will help anyone looking for information pertaining to a mortgage license in the state of Indiana or anyone looking to become a mortgage broker in Indiana.
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 athat most Mortgage Brokers in the state represent from 10 to 70 different lenders, with each lender providing different loan terms.
Applicants who desire to
become a Mortgage Broker in Indiana pay a $200 non-refundable application fee, and also 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.
During the 24-month period before submitting an application one needs to complete a minimum of 24 hours of approved credit courses related to the mortgage loan business. After receiving a Mortgage Broker license in Indiana an additional 12 hours of approved courses need to be taken every two years.
The
Indiana Association of Mortgage Brokers (INAMB), is an affiliate of the National Association of Mortgage Brokers (NAMB), www.namb.org. The INAMB provides excellent educational and professional training for all members and those who desire to become a Mortgage Broker in Indiana.
We also offer information and resources for Indiana Commercial Mortgage