Licensed mortgage offices doing business in Indiana are now required to employ a Principal Manager who has passed the Principal Manager Assessment exam, (based on Federal regulation, Indiana statute and industry best practices), and have at least 3 years of experience in the industry.

Roughly 70% of Indiana's licensed mortgage brokers are being operated by leaders who have not even attempted to take the exam. The Secretary of State's Securities Division is, therefore, notifying more than 600 loan broker companies that their licenses are being revoked effective August 5, 2008, should the office continue to operate on that date without a properly credentialed Principal Manager in place.

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