Iowa Administrative Code
Agency 187 - Banking Division
Chapter 18 - Mortgage Bankers, Mortgage Brokers, and Real Estate Closing Agents
Rule 187-18.8 - Changes in the Licensee's Business; Fees

(1) No mortgage banker or mortgage broker licensee shall conduct the residential mortgage lending activities authorized in Iowa Code chapter 535B under any name other than that stated on the license.

(2) A licensee shall notify the administrator through the NMLS of a change in the location, the addition, or the closing of any office prior to the change, addition, or closure.

(3) A mortgage banker or mortgage broker licensee shall maintain on file with the administrator, through the NMLS, a list of all mortgage loan originators who are employed by, under contract with, or exclusive agents of the licensee. The licensee shall pay any fees assessed by the NMLS to add a mortgage loan originator to the licensee's list in the NMLS.

(4) When a mortgage loan originator ceases to be employed by, under contract with, or an exclusive agent of a mortgage banker or mortgage broker licensee, the licensee shall notify the administrator, through the NMLS, within 10 days. The notification shall include the reasons for the termination of the mortgage loan originator's employment, contract, or agency.

(5) A mortgage banker or mortgage broker licensee shall notify the administrator through the NMLS of the addition of any mortgage loan originator, owner, officer, partner, or director within 10 days of addition.

(6) Failure to notify the administrator within the prescribed time as required by this rule may subject the licensee to disciplinary action.

(7) NMLS system processing fees. In addition to the fees set forth in this chapter, the applicant or licensee shall pay any fee assessed by the NMLS attributed to the licensee's record in the NMLS including but not limited to the initial set-up fee, an annual processing fee, and a loan sponsorship transfer fee.

(8) When a change of control of a licensee is proposed, the party that will assume control of the licensee shall give notice to the superintendent through the NMLS at least 60 days before the proposed change will take effect. Control is defined in Iowa Code section 535B.6A. The party that will assume control of the licensee shall furnish the superintendent through the NMLS with the same information required of initial applicants for a license, along with the appropriate fee. The party that will assume control may be required to 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. The superintendent shall approve or deny the request in accordance with the provisions of Iowa Code section 535B.5 and rule 187-18.4(17A,535B).