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Mortgage Net Branch Indiana
Operating as a mortgage net branch in Indiana can be a very profitable venture.
Most states have mortgage broker regulations that apply to that specific State. These can range from where a mortgage can be located to fee caps and other things. Indiana, as of this articles writing, does not require that a net branch in Indiana even have a physical office in the State.
However, in order to operate as a mortgage branch in Indiana, you do have to meet certain requirements and follow an application process. This article gives a brief description of the requirements and what is involved in the application process, but you'll need to do more research in order to find out exactly what all is involved.
- Again, you do not have to maintain a "brick and mortar" location in the State of Indiana.
As long as you meet the requirements, you can conduct business as a mortgage broker with consumers wishing to obtain mortgages on homes, businesses, or property in Indiana.
- In order to operate as a mortgage broker in Indiana, you must maintain a surety bond.
A surety bond is a contract whereby you agree to abide by the rules and regulations governing mortgage transactions as well as other things. In Indiana, the surety bond must be for $50,000.
- When doing business in the state of IN, you are required to receive 24 hours of instruction that is considered to be of an academic nature.
This instruction must be considered acceptable by the Commissioner who oversee mortgage transactions in Indiana, and must be in a subject or area that specifically addresses the business of a loan broker.
In addition, the instruction must have been completed within the last 24 months. If it's been longer than that, you must receive new training. The fact is, having a mortgage net branch in Indiana can lead to a very lucrative mortgage business.