Before we can cover License Education Requirements in Indiana, it is important to note that mortgage licenses in Indiana are issued by two separate agencies. In Indiana, the two agencies responsible for supervising and regulating the mortgage licenses are the Indiana Department of Financial Institutions (DFI) and Indiana Secretary of State (SOS).
The IN-SOS mandates individuals seeking MLO licensure to complete 20 hours of NMLS approved education, that includes instruction on federal law, ethics, nontraditional mortgage lending instruction, and Indiana-specific instruction.
The IN-DFI requires individuals seeking MLO licensure to complete 20 hours of NMLS approved education that includes instruction on federal law, ethics, and nontraditional mortgage lending instruction. It’s important to note that the IN-DFI does not impose a state-specific education requirement.
Specifically, if licensing through the IN-SOS, the 20 hours of education includes instruction on 3 hours of federal law, 3 hours of ethics, covering fraud, consumer protection, and fair lending issues, 2 hours of non-traditional mortgage lending, 10 hours of undefined elective education, and 2 hours of Indiana state-specific defined electives.
If you are seeking licensure through the IN-DFI, you will need to complete instruction on 3 hours of federal law, 3 hours of ethics, which covers fraud, consumer protection, and fair lending issues, 2 hours of non-traditional mortgage lending, and 12 hours of undefined elective education. It is important to note that there is no state-specific education requirement for licensing through the IN-DFI.
You can utilize the IN-SOS MLO Application Checklist provided by the NMLS to navigate the process of obtaining your MLO license through the IN-SOS. View IN-SOS Checklist
Similarly, the IN-DFI MLO Application Checklist from the NMLS can assist you in the process of becoming a licensed MLO through the IN-DFI. View IN-DFI Checklist
Regardless of whether you are licensing through IN-SOS or IN-DFI in Indiana, all MLO applicants are required to complete the SAFE 20 Hour Education course and successfully pass the NMLS National MLO exam. These two steps serve as the initial requirements to initiate the licensing process. At My Mortgage Trainer, we offer multiple format options for the 20-hour course, providing flexibility to accommodate your study preferences and fit your busy schedule. View our course and test preparation options here.
As mentioned previously, if you choose to obtain your license through the IN-SOS, one of the MLO License Education Requirements in Indiana is the completion of 2 hours of Indiana-defined electives. This course specifically focuses on topics related to the Licensing and Operation of Mortgage Brokers and Loan Originators. To explore this option further, you can check out our Online Self-Study course below.
As previously mentioned, two distinct agencies, namely Indiana DFI and Indiana SOS, issue mortgage licenses in Indiana. Individuals engaged in loan origination activities with a loan broker must obtain an Indiana SOS MLO license. On the other hand, mortgage loan originators employed by DFI licensed mortgage lenders or mortgage lenders exempt from DFI licensure are required to obtain an Indiana DFI MLO license.
As highlighted earlier, fulfilling the MLO license education requirements for Indiana includes successfully passing the NMLS National MLO Exam and obtaining your NMLS ID Number. To assist you in navigating these crucial steps, we have curated a collection of informative short videos below. These videos will guide you through the process of obtaining your NMLS ID, scheduling your exam, and offer valuable tips for acing the exam with confidence. By watching these videos, you can ensure that you are well-prepared and equipped for success in meeting the pre-licensing requirements for Indiana. Subscribe to our YouTube Channel for more great tips and industry-related news!