Iowa Mortgage Broker or Banker Bond
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How much does a mortgage broker or banker bond cost in Iowa?
Iowa mortgage broker or banker bond costs start at $750 annually. Your personal mortgage broker or banker bond premium will be provided after a quick application review.
How do I get an Iowa mortgage broker or banker bond?
You can apply for your Iowa mortgage broker or banker bond online 24/7. Simply select the surety bond requirement for your mortgage license and provide your name, address, and NMLS license number for Division of Banking and NMLS filing approval. Once your order has been processed, SuretyBonds.com will file your Iowa mortgage license bond directly with the NMLS.
How fast can I get a mortgage broker or banker bond?
Our industry-leading technology and responsive customer service team allow us to file your official Iowa mortgage broker or banker bond directly with the NMLS faster than any other surety provider. Orders placed by 4 PM CST Monday-Friday are typically processed and filed same-day.
If you have questions about Iowa mortgage loan bonds or your application, call 1(800)308-4358 to speak with a friendly surety expert. We're here to guide you through the mortgage license bond process so you can get back to running your business.
What is an Iowa mortgage broker or banker bond?
Iowa Code Chapter 18.2(6) requires individuals file a surety bond to comply with Iowa Code Section 535B.9 when applying for a mortgage banker license or mortgage broker license. The state's official form is titled the “Mortgage Surety Bond (Iowa)” but is more commonly known as the “Iowa mortgage broker or banker bond,” “mortgage broker bond,” or “mortgage banker bond.” This bond form specifically requires mortgage professionals and their employees/exclusive agents abide by Iowa Code Chapters 535B and 535D while providing financial services for mortgages in the state.
Why is the Iowa mortgage loan bond required?
Iowa mortgage professionals must fulfill this surety bond requirement for state mortgage loan licensing. By filing this bond, you agree to comply with Iowa Code while working as a mortgage broker or mortgage banker. If you fail to do so, your bond protects against losses or damages suffered by the state or its citizens due to your noncompliance.
What is my Iowa mortgage license bond amount?
Your required bond amount will be based on the residential loan volume you made, originated, arranged, brokered, processed, underwrote, or serviced in the preceding calendar year. Annual loan volumes up to $100 million require a $100,000 bond amount while annual loan volumes more than $100 million require a $150,000 bond amount.
How do Iowa mortgage brokers and bankers file your bond?
SuretyBonds.com will electronically file your bond with the Nationwide Multistate Licensing System (NMLS). As the surety experts, we'll work with you and NMLS to be sure your bond is filed quickly and accurately to meet all Iowa state licensing requirements. Your emailed surety bond copy is for reference only and won't need to be filed with the NMLS.
Who regulates licensing for mortgage professionals?
The Iowa Division of Banking enforces license requirements for mortgage professionals working in the state, included all Iowa state-chartered banks, consumer lenders, mortgage businesses, and payday lenders. You can contact the Division by calling 1(515)281-4014 or by submitting this online email form.
The Iowa Division of Banking requires this bond for state mortgage broker or banker licensing. If you work as a mortgage professional in other states, we also offer mortgage license bonds nationwide.
How do I update or change my mortgage loan bond form?
If the Iowa Division of Banking requires your NMLS bond filing to be updated for any reason, contact your surety company. If you purchased your bond from SuretyBonds.com, email [email protected] to explain the needed change. The most common changes requested for these bonds are updating your name or address to match your new or existing NMLS filing.
How do I renew my Iowa mortgage license bond?
You must renew your Iowa mortgage banker or broker bond before its current term expires. Once you pay your SuretyBonds.com renewal invoice, instructions will be provided to keep your bond active for your next Iowa NMLS license term.
How do I get a mortgage broker or banker license in Iowa?
Complete the steps below through the Nationwide Multistate Licensing System (NMLS) to apply for your Iowa mortgage broker license or Iowa mortgage banker license.
- Determine if you need the Iowa Mortgage Broker License or Iowa Mortgage Banker License.
- Pay the $500 application fee and $100 NMLS fee.
- Purchase and file your surety bond in the correct required bond amount.
- Fulfill all NMLS application information and documentation requirements.
What can Iowa mortgage bankers do to avoid claims against your bond?
To avoid claims filed against your Iowa mortgage license bond, you must comply with Iowa Code when offering mortgage services. If you fail to do so, you must reimburse your surety company for any claims paid out up to your full bond amount.
Have Questions?
Call 1 (800) 308-4358 to talk with a Surety Expert today.
