In the state of Iowa, any company making or arranging more than four mortgage loans per year needs to obtain a license. The Iowa Department of Banking (IDOB) regulates and issues all mortgage licenses.
The application process is handled by the Nationwide Mortgage Licensing System (NMLS). It guides and helps mortgage companies and mortgage loan originators to apply, update, or renew a license online.
Types of Mortgage Licenses in Iowa
Iowa has three main types of licenses depending on the work you perform: Company, Branch, and Individual. Generally, the mortgage licenses issued for companies are subdivided into Mortgage Bankers and Mortgage Brokers.
In this guide, we’ll cover the most common licenses only. You can review the full list on the NMLS website.
Most Common Company Licenses
- Mortgage Banker License - allows companies to make, service, and originate mortgage loans for owner-occupied IA residential properties. Licensure is only required if the company makes, services, or originates more than four mortgage loans per year.
- Mortgage Broker License - allows arranging and negotiating mortgage loans for owner-occupied residential properties within the state. Licensure is only required if the company arranges or negotiates more than four mortgage loans or commitments per year.
Iowa State Requirements
All Iowa license requirements must be submitted online via NMLS. Please note that until you have obtained your IA mortgage license you are not allowed to act as a mortgage banker or mortgage broker or use such titles.
For further questions and assistance with the license requirements, you may contact the IA Division of Banking at (515) 281-4014 or at [email protected].
For questions and assistance with NMLS please contact their call center at (855) 665-7123.
Education and Exams
Passing an exam in Iowa is obligatory for some, but not all license types. To obtain your Mortgage Banker or Mortgage Broker License you don’t need to pass any examination.
IA Mortgage Broker Bonds
Bonds for Company Licenses
Bond requirements for both licenses covered in this guide are identical.
- Mortgage Banker License & Mortgage Broker License - All Mortgage Banker and Mortgage Broker applicants must submit an electronic surety bond through the NMLS site. The amount of the bond for each license is $100,000.
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Licensing fees for both licenses covered in this guide are identical.
Fees for Company Licenses
- Mortgage Banker License & Mortgage Broker License
All fees are non-refundable or transferable and are to be paid via NMLS.
- $400 application fee
- $100 NMLS processing fee
- $36.25 background check