Iowa Mortgage Bankers Surety Bond
Or call 844-432-6637
The State of Iowa, Division of Banking, Finance Bureau, is tasked with the oversight of licensure of residential mortgage industry professionals which includes residential mortgage individuals and companies and mortgage loan originators. The Iowa Code Chapter 535B, defines the licensing and regulation of mortgage bankers and brokers.
Surety Bond and License Requirements:
- Complete education and pass the examination.
- Complete the application through the NMLS system and pay the applicable filing fee, FBI Criminal Background Check fee.
- Complete the Authorization for a Background Check and Release for each person who has control of the business.
- Obtain a Certificate of Authority or Good Standing, dated within 60 days from the date of application. Out of state businesses must obtain a Certified Proof of Authorization. Obtain these documents through the Iowa Secretary of State.
- Provide formation documentation for applicants that are partnerships, corporations, or limited liability companies.
- If applicable, provide HUD classification approval.
- Provide three professional references. One must be from a state or federal banking institution and provide a standing of the account. All letters must be written on letterhead, and dated with 180 days from the date of application, and signed.
- Provide an audited financial statement prepared by a Certified Public Accountant, dated within 90 days of the business fiscal year end. Submitted financials must include a balance sheet, income statement, statement of cash flows and any relevant notes. New businesses must submit an initial statement of condition.
- All control persons for the business must submit a set of fingerprints.
- Indicate on the application any trade names or dba’s that will be used. Trade names or dba’s must be registered with the Iowa Secretary of State and obtain an Adoption of Fictitious Name.
- If applicant answers Yes to any of the Disclosure Questions, provide complete details and any applicable documents.
- A minimum $100,000 surety bond is required for a total loan volume up to $100,000,000. A $150,000 surety bond is required for total loan values over $100,000,000. The surety bond will be submitted electronically by the surety to NMLS.
How Much Will This Bond Cost?
The premium that you pay for an Iowa Mortgage Banker Surety Bond is dependent on credit and personal and/or business financial statements, and the bond amount required.
Did You Know?
The Iowa mortgage banker license must be renewed annually by December 31.
Related Links: Iowa Division of Banking Nonbank Lender Licenses NMLS - Federal Registry Iowa Finance Bureau License Applications NMLS - Iowa Mortagage Banker New Application Requirements
Where Can I Get an Iowa Mortgage Banker Surety Bond?
Contact SuretyGroup.com today at:
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More Surety Bond Questions?
Check out our FAQ page. Should you need or choose to buy a surety bond, SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
For a downloadable application