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WBK Industry News - State Regulatory Developments

Indiana Consolidates Mortgage Lending Licenses

Indiana Department of Financial Institutions has merged the First Lien Mortgage Lending License and the Subordinate Lien Mortgage Lending License into a unified Indiana DFI Mortgage Lending License.

The First Lien Mortgage Lending License will transition to the Mortgage Lending License with no change to the language of existing/executed bonds and does not require action by holders of the license.

Subordinate-Lien Mortgage Lending licensees who also hold the First-Lien license will be required to surrender their Subordinate-Lien license on or after July 1, 2017.  Subordinate-Lien licensees that do not hold the First-Lien license will be required to submit a transition request for the new DFI Mortgage Lending License, on or after July 1, 2017.

After July 1, 2017, only the Mortgage Lending License will be available for new applications.

The entire NMLS alert may be found here.