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Below you will find information on the following
topics for Iowa: Mortgage Broker Licensing, Mortgage
Broker Training, Mortgage Broker License Requirements, Iowa
Mortgage Laws and Regulations, Mortgage Broker Schools, etc.
If you would like to find information about another state then
please click
here and select the state.
Iowa Mortgage License and Education Information |
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The Iowa Division of Banking
regulates the Iowa State Mortgage Broker Licensing. Unless authorized to be a
lender or licensed as a mortgage broker in this state [535C.2(4)], a loan broker
shall not directly or indirectly solicit, receive, or accept from a borrower consideration
of any type including a payment, fee, pay-per-call charge, or deposit, which is
assessed prior to the closing of a loan. A mortgage broker license authorizes
the licensee to arrange or negotiate, or attempt to arrange or negotiate, first
mortgage loans or commitments for such loans on residential real property located
in Iowa. There are no specific education or experience requirements to obtain
an Iowa State Mortgage Broker License.
Following information is required to apply for a mortgage broker license in
Iowa:
- Complete application along with required application fees.
- It is required that the applicant submit a copy of the firm’s
most current financial statements audited by an independent public accountant
or certified by an executive officer of the firm.
- The required surety bond amount for a mortgage broker is $15,000. Pursuant
to Iowa Code Section 535B.9, this requirement may be met by either a bond furnished
by a surety company authorized to do business in Iowa or an alternative form
of collateral acceptable to the administrator.
- If the applicant is an approved mortgagee of the United States Department
of Housing and Urban Development, proof of HUD classification is required.
- If the applicant is licensed as a mortgage banker or broker in any other
state/states, a document detailing the state/states, name and address of the
regulatory agency, the type of license, and license number that agency assigned
the applicant’s entity must be submitted along with the application.
- The applicant should submit a copy of partnership agreement, or file
stamped copy of articles of organization/incorporation and letter or certificate
of good standing, whichever is applicable.
- Current list and biography of each owner, partner, manager (of L.L.C.),
director, and principal officer needs to be submitted. Also a list detailing
the names and addresses of owners, partners, members and/or shareholders of
the applicant company is required.
- Iowa Mortgage Broker Licenses expire on the next June 30 after their
issuance. Applications for renewals of licenses must be filed with the administrator
before June 1 of the year of expiration and must be accompanied by the stipulated
renewal fee.
A licensing decision is made within 90 days of receiving the completed application.
You can also visit the website of the department (http://www.idob.state.ia.us)
to check whether they have received your application.
For more information and application forms, visit Finance
Bureau License Applications.
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Major Cities Include: Des Moines, Cedar Rapids, Davenport, Sioux City, Waterloo, Iowa City, Council Bluffs, Dubuque, Ames, West Des Moines, Cedar Falls, Bettendorf, Mason City, Urbandale, Clinton, Ankeny, Burlington, Marion, Fort Dodge, Ottumwa, Muscatine, Newton, Coralville, Indianola, Clive, Boone, Keokuk, Spencer, Oskaloosa, Fort Madison, Altoona, Carroll, Storm Lake, Pella, Fairfield, Le Mars, Grinnell, Waverly, Mount Pleasant, Johnston, Webster City, Decorah, Clear Lake, Charles City, Knoxville, Perry, Creston, Denison, Atlantic, Washington, Norwalk, Oelwein, Nevada, Estherville, Hiawatha, Red Oak, Maquoketa, Independence, Sioux Center, Centerville, Algona, Clarinda, Orange City
This website has been prepared for informational purposes only.
Please make sure you read the site
disclaimer. |
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