Indiana Mortgage Lender Bond |
AmeriPro Surety Bonds | 844-589-9732
Mortgage Lenders – Indiana
Indiana mortgage lenders are licensed and regulated by the Indiana Department of Financial Institutions.
The licensing (and the filing of the surety bond) are administered through NMLS, the Nationwide Mortgage Licensing System.
Our agency can file your surety bond on your behalf once purchased. All we will need is your NMLS unique identifier number.
AmeriPro Surety Bonds offers two potential ways to qualify for this bond; regardless of the method chosen, we are committed to obtaining the best pricing for you.
Indiana Mortgage Lender Bond: The Amount of Surety Bond Required
According to statute, the Indiana mortgage lender bond is a single $100,000 surety bond required of mortgage lenders.
Qualifying By an Application and Credit Check
AmeriPro Surety Bonds offers two ways to qualify for the mortgage lender bond; you will choose which one is better for you based upon your personal circumstances and preferences.
The first way is by the standard surety bond application, along with a credit check.
The pricing in this manner will largely be determined by your credit history. Well qualified applicants may pay as little as 1.5% annually ($1500); however, the amount that you will pay may vary substantially or not at all.
By way of preparation ahead of time, you may be asked the following:
- Whether or not you have fidelity coverage;
- If you have any pending lawsuits or unsatisfied judgments or liens;
- Whether or not you have ever had a surety bond canceled;
- Whether you are currently in bankruptcy;
- Whether you have any items in collection.
Qualifying By Straight-through Processing
The second way to qualify involves no credit check and offers rock bottom pricing. You would need to certify that all of the following are true of you:
- That you have never been convicted of a felony;
- That any companies owned or controlled by you have never become insolvent or gone bankrupt;
- That you have never had a bond declined, terminated, or one in which a claim was made;
- That you have been in the current business under the same name, ownership, and location for at least 3 years;
- That you have never been subject to a disciplinary proceeding which resulted in a punitive action.
If you meet the above qualifications, then the Indiana mortgage lender bond will cost you the following:
- $750 if purchased for one year;
- $1350 if purchased and prepaid for 2 years;
- $1950 if purchased and prepaid for 3 years.
The Purpose of this Bond:
While required of your lending company, the bond’s purpose is for the protection of Indiana consumers who suffer harm as a result of failing to comply with the statutes.
As owner of this bond, should there be any claims paid against your bond, you would be obligated to indemnify the surety company.
AmeriPro Surety Bonds is a unique surety bonds only agency. We provide license and permit, court, and fiduciary bonds throughout Indiana.
We also provide surety bonds nationwide.
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