Iowa Administrative Code
Agency 187 - Banking Division
Chapter 19 - Mortgage Loan Originators
Rule 187-19.10 - Independent Contractor-loan Processor or Underwriter
Universal Citation: IA Admin Code 187-19.10
Current through Register Vol. 47, No. 6, September 18, 2024
(1) For the purpose of Iowa Code section 535D.4, "a loan processor or underwriter who is an independent contractor" means any person who processes or underwrites residential mortgage loans and is not a W-2 employee of a company licensed under Iowa Code chapter 535B, 536, or 536A.
(2) An independent contractor must meet all the licensure requirements found in rule 187-19.2 (17A,535D) with the exception of subrule 19.2(8).
(3) An independent contractor must meet the surety bond requirements found in subrule 19.2(7) prior to the issuance of a license.
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