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Indiana Mortgage License |
Having Indiana mortgage license is mandatory for home loan brokers, bankers and loan officers who are involved with loan lending and selling business in the state. The state law require them to have their license in order to offer their mortgage services to the borrowers and homeowners of Indiana. Borrowers are required to get their loan programs from licensed brokers and lenders in order to avoid unfortunate events in the future. It is very important for the license seekers to have a clear understanding of the Indiana mortgage licensing process to make a better approach. They should know all the preconditions before making their license application.
Indiana Mortgage Broker License
Home loan brokers are required to have the Indiana mortgage broker license to start their lending and loan processing business. Brokers in Indiana are licensed in accordance with Indiana Loan Broker Act. Indiana Securities Division, a sub division of the Indiana Secretary of States supervises all the prospects of the Loan Broker Act. According to the Securities Division, most mortgage brokers of the state represent between 10 to 70 lenders and each lender offer different loan terms.
Mortgage Broker License Requirements
Broker license seekers are required to have a clear understanding of the Indiana mortgage broker license requirements set under the Loan Broker Act. Applicants for home loan broker license are required to pay a non-refundable application fee of $200. They should provide a surety bond of $50,000 together with the original power of attorney. It is not necessary for the applicants to run a physical office in the state. The Securities Division however does a background investigation for all the applicants. The loan brokers are also required to take an academic instructions of 24 hours relating to the home loan business.
Indiana Mortgage Banker License
Bankers seeking for mortgage banker license in the state are not required to maintain any physical office inside Indiana. However, they will have to provide a minimum net worth of $100,000 together with $50,000 as liquid assets. Moreover, they should pay an initial licensing fee of $1,000 and have a minimum experience of 2 years in home loan servicing and selling business.
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Mortgage brokers and bankers are also require to have some knowledge about the real estate commission of Indiana. There are several real estate schools and mortgage licensing companies in the state. Most of these companies are available on the Internet and they are completely very easy to find. Real estate schools provide pre licensing education while licensing companies assist the applicants with a number of services.
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