Part of the application process for mortgage brokers in Indiana includes posting a Electronic Surety Bond (ESB) with the Nationwide Mortgage Licensing System (NMLS). The Indiana Securities Division regulates brokers in the state. The bond amounts are dictated by the previous years loan volume. Below is a breakout for reference:
- Bond Amount $50,000 (Loan Volume of $5 Million or less)
- Bond Amount $60,000 (Loan Volume of $5 Million to $20 Million)
- Bond Amount $75,000 (Loan Volume of $20 Million and above)
For applicants applying prior to October 31, the bond term should extend until the end of the year of application. For applicants applying after November 1 and before December 31, the bond term should extend until the end of the next calendar year.
If the broker does not comply with the provisions of Indiana law, including the requirements of the First Lien Mortgage Lending Act, IC 24-4.4 et seq., Uniform Consumer Credit Code, IC 24-4.5 et seq., the consumer/client may file a claim against the brokers surety bond.
Pacific Surety offers industry low rates and can obtain approvals for almost all credit situations. Once our simple application has been completed, we can have pricing to you within hours. If you have any specific questions, please contact our knowledgeable underwriting staff.