Iowa Administrative Code
Agency 187 - Banking Division
Chapter 18 - Mortgage Bankers, Mortgage Brokers, and Real Estate Closing Agents
Rule 187-18.2 - Application for License

(1) Application for a license to operate as a mortgage banker, mortgage broker, or closing agent shall be submitted to the administrator through the NMLS, and all requested information shall be provided on or with the application form. The administrator may consider an application or registration withdrawn if the application or registration does not contain all of the information required and the information is not submitted to the administrator within 30 days after the administrator requests the information.

(2) Each officer, director, and individual who has control of an applicant must provide fingerprints, authorize a fingerprint background check through NMLS, and pay the appropriate fees for the purpose of conducting a national criminal history background check through the Federal Bureau of Investigation.

(3) The license application shall be accompanied by a fee of $500 plus $40 per additional branch location. The $500 fee is not subject to refund. The applicant shall also pay any additional fees required by the NMLS including but not limited to the following: system processing fees, background check fees, and credit background check fees.

(4) If any information changes after the filing of the initial application, the applicant shall provide updated information to the administrator in writing within 10 days of the change. Failure to provide updated information when a change has occurred may result in denial of the application.

(5) The administrator shall approve or deny a license application in accordance with the provisions of Iowa Code section 535B.5. A person shall not be eligible for licensing as a mortgage banker or mortgage broker unless all mortgage loan originators who are employed by, under contract with, or exclusive agents of the person have successfully completed the licensing requirements of Iowa Code chapter 535D.

(6) An applicant for a mortgage banker or mortgage broker license must file with the administrator a bond complying with the provisions of Iowa Code section 535B.9. The bond amount required to be filed and maintained by the applicant shall be set and adjusted as necessary annually in accordance with the following scale, based on the volume of residential mortgage loans made, originated, arranged, brokered, processed, underwritten, and serviced, as the case may be, by the applicant or licensee during the preceding calendar year:

(7) An applicant for a closing agent license must file with the administrator a bond in the amount of $25,000 which complies with the provisions of Iowa Code section 535B.9.

(8) Licenses expire on the next December 31 after issuance. However, licenses granted on or after November 1 but before January 1 will not expire until December 31 of the following year. For example, a license granted on November 17, 2008, would not expire until December 31, 2009.