Iowa Mortgage Licensing
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.
| State | License Name | State Fee | Bond Premium Est. | SOS Fee | MLG Processing Fee | Total |
| Iowa | Mortgage Broker License | $600 | $750 | $100 | Call for More Information | $1,450 |
| Iowa | Mortgage Banker License | $600 | $750 | $100 | Call for More Information | $1,450 |
License: Mortgage Broker License
- Operating Status: Broker
- Bond Amount: $100,000
- Net Worth: Positive
- Brick & Mortar: No
- Financial Type: Certified
Mortgage Broker License
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
Mortgage Banker License
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.
For more information or to speak to a representative for your state
call us today at 866-576-7726
**Fees & terms are subject to change without notice.**