IA Iowa

Interestingly, the state of Iowa requires that its mortgage banker license and mortgage broker license holders have a positive net worth, but does not define a specific amount, unlike other states. This state also requires that their financial type be Certified. If you are an approved mortgagee of the U.S. Department of HUD, then you should submit proof of that classification. As part of the application process, your company will also need to provide professional references, including one from a state or federally chartered depository institution. If your company is operating under any trade names (DBA), then you will get need to obtain an individual license for each one called an Other Trade Name License (OTN) with the state allowing up to a total of 8.

StateLicense NameState FeeBond Prem.RA FeeSoS FeeMLG Processing FeeTotal
IowaMortgage Broker License$620$750—$176Call for More Information$1,546
IowaMortgage Banker License$620$750—$176Call for More Information$1,546

License: Mortgage Broker License

  • Operating Status: Broker
  • Bond Amount: $100,000
  • Net Worth: Positive
  • Brick & Mortar: No
  • Financial Type: Certified
Relatively inexpensive state application. Bond of $100,000 required but will increase to $150,000 if loan volume exceeds $100 Million.Things to know: HUD : If application is an approved mortgagee of the United States Department of Housing and Urban Development, submit proof of HUD classification.

License: Mortgage Banker License

  • Operating Status: Broker/Lender
  • Bond Amount: $100,000
  • Net Worth: Positive
  • Brick & Mortar: No
  • Financial Type: Certified
Relatively inexpensive state application. Bond of $100,000 required but will increase to $150,000 if loan volume exceeds $100 Million.Things to know: HUD : If application is an approved mortgagee of the United States Department of Housing and Urban Development, submit proof of HUD classification.
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