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Iowa Mortgage Broker License


 

Iowa Mortgage Broker Requirements

Mortgage Brokers in Iowa are licensed and regulated by the Iowa Division of Banking.

Mortgage brokers attempting to obtain an Iowa mortgage license are not required to maintain a physical location in the state of Iowa. Mortgage brokers are required to maintain a surety bond in the amount of $50,000 and provide either audited company financials or financial statements certified by a company officer. Iowa mortgage brokers are not required to have specific education nor pass an exam to become licensed. Also, there is not a required minimum net worth amount.

Iowa mortgage brokers are not able to broker 2nd mortgage licenses, unless the 2nd mortgage license is less than $25,000. This is considered a consumer loan.

Iowa Mortgage Licensing Fees

All mortgage broker applicants must submit a $500 application fee.

For complete assistance on your Iowa Mortgage License, call American Mortgage Licensing to start your project today, 469.688.8441.