Home  Iowa Bonds  Iowa Mortgage Broker Bond

Iowa Mortgage Broker Surety Bonds


Apply Online

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 of mortgage bankers and brokers and the surety bond requirement. The surety bond ensures compliance of state laws and eithical performance of mortgage broker duties.

License and Surety Bond Requirements:

  1. Complete education and pass the examination.
  2. Complete the application through the NMLS system and pay the applicable filing fee, credit report fee, and FBI Criminal Background Check fee.
  3. Complete the Authorization for a Background Check and Release for each person who has control of the business.
  4. 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.
  5. Provide formation documentation for applicants that are partnerships, corporations, or limited liability companies.
  6. If applicable, provide HUD classification.
  7. Provide three professional references. One must be from a federal or state depository institution and provide the standing of the account. All letters must be signed, written on letterhead, and dated with 180 days from the date of application.
  8. 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.
  9. All control persons (direct owners and executive officers) for the business must submit a set of fingerprints.
  10. 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.
  11. If applicant answers Yes to any of the Disclosure Questions, provide complete details and any applicable documents.
  12. Obtain a $100,000 surety bond. The bond will be submitted electronically by the surety company to NMLS.

How Much Will This Bond Cost?

The premium that you pay for an Iowa Mortgage Broker Surety Bond is dependent on credit and personal and/or business financial statements. Premiums start at .75% of the bond amount with good credit. Contact our Surety Bond Specialists for a free quote that fits your specific situation.

Did You Know?

The State of Iowa requires an additional license if a business uses more than one dba or trade name.

Related Links:

NMLS - Iowa Mortgage Broker License New Application
NMLS Registration Portal
Iowa Statutes and Rules for Mortgage Bankers and Mortgage Brokers

More Surety Bond Questions?

Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. 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