Getting your Indiana loan officer license might seem daunting, but we’re here to guide you through the process.
Read on to learn about the 6 steps you’ll need to complete before starting your career as a Indiana Mortgage Loan Officer (MLO). We’ve also answered some of the most common questions that prospective Indiana Loan Officers have as they consider this exciting new career.
Before beginning the educational component of licensing, prospective Loan Officers must create an NMLS (Nationwide Multistate Licensing System & Registry) account on the State Mortgage Registry website. NMLS is a national database in which all MLOs must register. After creating their account, applicants receive a personal NMLS number that will be maintained for the duration of their time working as a Loan Officer.
The State of Indiana has two NMLS agencies: The Indiana Department of Financial Institutions (DFI) and the Indiana Secretary of State (SOS). Depending on your license agency, the PE requirements are as follows:
The Indiana Department of Financial Institutions (DFI) requires Mortgage Loan Officers to complete 20 hours of coursework in order to meet the education requirements. The courses include the following:
3 hours of Federal Law
3 hours of Ethics
2 hours of Non-Traditional Mortgage Lending
12 hours of Electives
The Indiana Secretary of State (SOS) also requires Mortgage Loan Officers to complete 20 hours of coursework to meet their education requirements. The courses include the following:
3 hours of Federal Law
3 hours of Ethics
2 hours of Non-Traditional Mortgage Lending
10 hours of Electives
2 hours of Indiana Secretary of State Law
The SAFE MLO Test can be scheduled by visiting the NMLS website. Applicants use their existing account number to schedule the exam. The exam has 115 scored questions, and test takers must answer at least 75% correctly. It costs $110 to take, and students are given 3 hours and 10 minutes to complete the test. You can learn more by reviewing the MLO Testing Handbook.
Applicants will need to login into their NMLS account and head to the Filing section. From there, click on the Criminal Background Check tab. You will authorize a Federal Criminal Background Check by completing the fields and clicking Attest.
Then, applicants must schedule an appointment to submit their fingerprints. In the portal, users will click on the Composite View button then select Criminal Background Requests. In this module, you can schedule your fingerprinting appointment by clicking the “Fieldprint” button.
The total cost of the state and FBI criminal background check is $36.25.
Now it’s time to submit for official Indiana licensure through NMLS. Applicants will apply through the NMLS licensing portal. Applicants are advised to review the MLO New Application checklist beforehand in order to ensure they’re ready to apply.
You’ll need to pay $100 for the Indiana portion of the licensing fee. Additionally, a credit report must be submitted at the time of application for a fee of $15.
Your Loan Officer License will remain in pending status until your employing sponsorship is verified with NMLS. This verification is completed inside of the NMLS portal. Users will visit the Form Filing Home screen, then click Company Access. They’re then prompted to add their employer sponsorship by submitting employment details. Once the sponsoring employer receives notice of the verification request, they can approve the sponsorship. Upon approval, applicants are officially licensed.
Pre-Licensure Education
The SAFE MLO Test
NMLS Initial Processing Fee
Criminal Background Check
Credit Report
According to the Indiana Department of Financial Institutions, a Mortgage Loan Officer License must be held by “any person employed by a DFI licensed mortgage lender, or an entity exempt from licensing, and engaged in performing MLO activities, as defined. State and/or federal CUSO’s would be exempt as an entity from licensing under IC 24-4.4-1-202(7). The MLOs who work for them would not be exempt if the employees meet the definition of an MLO under SAFE.”
According to ZipRecruiter, Indiana Mortgage Officers make approximately $75,000 per year on average as of October 2021. The 75th percentile of earners makes above $85,000, while the bottom 25th makes under $30,000.
Low interest rates coupled by high demand are fueling a hot market in Indiana. Over the past year, home values in the Hoosier State have risen by 15.8% with no signs of slowing down in sight. Indianapolis in particular offers big city amenities alongside laid-back, Midwest charm, making it one of the most sought after cities in the region. There's plenty of opportunity for Indiana MLOs to issue loans and make a great living.
It pays to be a Mortgage Loan Officer in Indiana. The median home cost in Indiana is $194,000. At a commission rate of 1%, that’s a $1,940 payment for the MLO once the loan is secured. Here are the average home payouts in a few Indiana locations:
Location | Average Home Price | Average Commission |
|---|---|---|
Indianapolis | $192,000 | $1,920 |
Fort Wayne | $300,000 | $3,000 |
Evansville | $162,000 | $1,620 |
Bloomington | $222,737 | $2,227 |
Brownsburg | $278,000 | $2,780 |
The Sunset Lane Mansion (Listed by the Former Owner of Pizza Hut) | $10,000,000 | $100,000 |
If you’re looking to get in contact with mortgage loan companies to ask about the profession, services, or employment opportunities, you can contact any of the following local businesses:
Indy Mortgage Team (Indianapolis)
American Mortgage Service Co. (Fort Wayne)
Indiana Members Credit Union (Evansville)
Ruoff Mortgage (Bloomington)
First Merchants Bank (Brownsburg)
