Mortgage Banker/Broker License/Mortgage Loan Originator

About

License to act as a mortgage banker or mortgage broker. A mortgage banker is any person or entity that makes, originates, or services at least 4 mortgage loans on residential property in Iowa within a calendar year. A mortgage broker is any person or entity that arranges or negotiates at least 4 mortgage loans on residential property in Iowa within a calendar year.

Code Citation IC 535B

Who Applies Any person wishing to engage in business as a mortgage banker or broker. Individuals who work for a mortgage banker or broker and have direct contact with mortgage applicants must obtain a mortgage loan originator license issued under Iowa Code Chapter 535D.

When To Apply Application must be made and a license issued before business begins.

Initial Requirements An applicant must file a surety bond in the amount of $100,000 to operate as a mortgage banker or broker. Individuals are required to complete 20 hours of pre-education, pass the National Test with Uniform State Content, and submit electronic fingerprints to complete a nationwide criminal background check.

Duration Licensee and Mortgage Loan Originators subject to renewal each December 1.

Processing Time 90 days.

Fee Structure Initial License: $500 Individual MLO license: $50 per person + NMLS fees License Renewal: $200 (Mortgage Broker) Mortgage Banker: $400 MLO License: $50

Renewal Requirements Mortgage Loan Originators are required to complete 8 hours of CE by October 31 each year.

Exam Does not pertain.

Additional Information None.