Indiana

Mortgage Broker Licensing

IN-SOS Loan Broker License

Physical In-State Office Required: No
Qualifying Individual: Yes, must show 3 years of experience as a loan originator (Copy of LO License for 3 years or copies of w-2s/1099s for mortgage company in a state that didn’t require LO Licensing). Also must complete or have completed 16 hours of Continuing Education.
Minimum Net Worth: $ None
Surety Bond: $50,000 to $75,000
Exemption: HUD Exemption eliminated

License Cost Breakdown – Estimated fees not including Integrity Mortgage Licensing Service Fee:
$90 – Foreign Entity Fee
$125 – Registered Agent Fee
$500 – Surety Bond Fee
$300 – Company License Fee
$100 – Owner Background Check per Ultimate Equitable Owner

Mortgage Banker Licensing

IN-DFI Mortgage Lending License

Physical In-State Office Required: No
Qualifying Individual: Yes, 2 years of 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.
Minimum Net Worth: $100,000 and liquid assets of $50,000 (Audited or Reviewed)
Surety Bond: $100,000

License Cost Breakdown – Estimated fees not including Integrity Mortgage Licensing Service Fee:
$90 – Foreign Entity Fee
$125 – Registered Agent Fee
$1,000 – Surety Bond Fee
$1,100 – Company License Fee

Regulated by:

Indiana Secretary of State
Securities Division

302 W. Washington St. Room E-111
Indianapolis, IN 46204
Telephone: (317) 232-6531
Telephone: (317) 232-6681
Application Reviewer: Nick Jones
http://www.in.gov/sos/securities/

Department of Financial Institutions

30 S. Meridian Street, Suite 300
Indianapolis, IN 46204
Local (317) 232-3955
Toll Free (800) 382-4880
Aaron Sweet – asweet@dfi.IN.gov
http://www.in.gov/dfi/