The Iowa Division of
Banking (IDOB), supervises and regulates all aspects of the licensing for Mortgage
Brokers and Mortgage Lenders. A Mortgage Broker is considered to be anyone attempting to
arrange or negotiate first mortgage loans or commitments for such loans on residential
All Iowa mortgage licenses are handled through the National Mortgage Licensing System.
Prelicensing requirements include approved courses that are 20 or more hours and contain 3
hours of Federal Law, 3 hours of Ethics, 2 hours of Non-traditional Mortgage Lending plus
12 or more hours of electives. This may be in addition to Iowa-required content. A
minimum of eight hours per year of continuing
education is required nationally per year, per the SAFE act.
The licensing fee for NMLS for Loan
is $119. The licensing fee for a broker
is $500. Click on the links in the preceding sentences for more details about each
In Iowa a Mortgage Broker
is not authorized to make first mortgage loans and cannot be
named as the lender on loan documents for them. However, a Mortgage Broker may make
Consumer Loans, which includes second mortgages of $25,000 or less.
Applicants who desire to become a Mortgage Broker in Iowa
must provide a
$100,000 Surety Bond or an acceptable form of alternative collateral. Current audited
financial statements are also required, along with an employment history and personal
When Mortgage Brokers do not have a physical business office within the state they may
designate an agent for legal purposes. If no such agent is filed with the state, then the
Superintendent of Banking of the State of Iowa shall become the legal agent.
Association of Mortgage Brokers
(IAMB), is an affiliate of the National Association of Mortgage Brokers
(NAMB) . Both
organizations aim at providing top-notch education and legislative support for those who
choose to obtain a Mortgage Broker License in Iowa
Iowa Mortgage Forms
Iowa Reciprocity States
- Most mortgage forms can be obtained online. Ones listed below
pertain to new salespersons and brokers.
of the NMLS
(as of 2/23/2010)
Iowa Approved Mortgage Schools Prelicensing and Postlicensing
Abacus Mortgage Training
|Last Update: 2/22/2010
This list may not include all approved schools. Please visit the Iowa Division of Banking website for
the latest list of approved schools.