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 real property.

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 Originators is $119.  The licensing fee for a broker is $500.  Click on the links in the preceding sentences for more details about each license.

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 biography listing.

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.

The Iowa 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.
  • Overview of the NMLS
N/A

(as of 2/23/2010)

 

Iowa Approved Mortgage Schools Prelicensing and Postlicensing Education

Community Colleges

N/A
Private Schools

Abacus Mortgage Training
McKissock.com
TheMortgageTrainingCenter.com
Training Pro
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.