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Find Mortgage License Information For Other States


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Become A Mortgage Broker In Iowa

Article Summary: This article will help anyone looking for information pertaining to a mortgage license in the state of Iowa or anyone looking to become a mortgage broker in Iowa.

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.

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 pay a $500 non-refundable original license fee, and a $200 renewal fee. They also must provide a $15,000 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. The IDOB makes a full investigation of all information provided.

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 (IAAMB), is an affiliate of the National Association of Mortgage Brokers (NAMB), www.namb.org. Both organizations aim at providing top-notch education and legislative support for those who choose to obtain a Mortgage Broker License in Iowa.

We also offer information and resources for Iowa Commercial Mortgage.

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