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Mortgage licensing / Iowa

Iowa Mortgage Banker Registrant

company licence · NMLS IABANKERREGISTRANT_C · DOB

Requirements (4)

  1. Step 1

    Other Trade Name: If operating under a name that is different from the applicant’s legal name, that name (“Trade Name”, “Assumed Name” or “DBA”) must be listed under the Other Trade Names section of the Company Form (MU1). If operating under an “Other Trade Name”, upload Fictitious Name Resolution from Iowa Secretary of State regarding ability to do business under that trade name. This document should be named IA-Mortgage Banker Trade Name – Assumed Name

    Submitted via: NMLS Upload in NMLS: under the Document Type Trade Name/Assumed Name Registration Certificates in the Document Uploads section of the Company Form (MU1).

  2. Step 2

    Resident/Registered Agent: The Resident/Registered Agent must be listed under the Resident/Registered Agent section of the Company Form (MU1).

    Submitted via: NMLS

  3. Step 3

    Certificate of Authority/Good Standing Certificate: Upload a State-issued and approved document (typically by the Secretary of State’s office), dated not more than 60 days prior to the filing of the application through NMLS that demonstrates authorization to do business in the applicant’s state of formation and/or IA. This document should be named IA Certificate of Authority OR IA Certificate of Good Standing].

    Submitted via: Upload in NMLS: under the Document Type Certificate of Authority/Good Standing Certificate in the Document Uploads section of the Company Form (MU1).

  4. Step 4

    Formation Documents: Determine classification of applicant’s legal status and submit a State certified copy of the requested applicable documentation detailed below. Original formation documents and all subsequent amendments, thereto including a list of any name changes. Sole Proprietor Unincorporated Association: • By-Laws or constitution (including all amendments). General Partnership: • Partnership Agreement (including all amendments). Limited Liability Partnership: • Certificate of Limited Liability Partnership; and • Partnership Agreement (including all amendments). Limited Partnership: • Certificate of Limited Partnership; and • Partnership Agreement (including all amendments). Limited Liability Limited Partnership: • Certificate of Limited Liability Limited Partnership; and • Partnership Agreement (including all amendments). Limited Liability Company (“LLC”): • Articles of Organization (including all amendments); • Operating Agreement (including all amendments); • IRS Form 2553 or IRS Form 8832 if S-corp treatment elected; and • LLC resolution if authority not in operating agreement. Corporation: • Articles of Incorporation (including all amendments); • By-laws (including all amendments), if applicable; • Shareholder Agreement (including all amendments), if applicable; • IRS Form 2553 if S-corp treatment elected; and • Corporate resolution if authority to complete application not in By-Laws or Shareholder Agreement, as amended, as applicable. Not for Profit Corporation • Documents requested of a Corporation; and • Proof of nonprofit status • Internal Revenue Service (“IRS”) 501(c)(3) designation letter; or • statement from a State taxing body or the State attorney general certifying that: (i) the entity is a nonprofit organization operating within the State; and (ii) no part of the entity’s net earnings may lawfully benefit any private shareholder or individual; or • entity's certificate of incorporation or similar document if it clearly establishes the nonprofit status of the applicant; or • Any of the three preceding items described, if that item applies to a State or national parent organization, together with a statement by the State or parent organization that the applicant is a local nonprofit affiliate. Trust (Statutory) • Certificate of Trust; and • Governing instrument (all amendments).

    Submitted via: Upload in NMLS: under Formation Document” in the Document Uploads section of the Company Form (MU1). This document should be named Formation Documentation [Date of Creation (MM-DD-YYYY)].

General information

Who Is Required to Have This License? This registration is required of any mortgage banker or mortgage lender that would otherwise be required to obtain a mortgage banker license, but that is specifically exempt because it is located in Iowa and its principal business in Iowa is with entities located in Iowa that are specifically exempt under §535B.2 from obtaining a mortgage banker license. Who Does Not Need This Registration? • Mortgage Banker or Mortgage Broker licensees • A bank, bank holding company, savings bank, savings and loan association, or credit union organized under the laws of Iowa, another state, or the United States, or a subsidiary owned or controlled by such a bank, bank holding company, savings bank, savings and loan associations, or credit union. • A loan company licensed under chapter 536 or 536A, except when acting as a closing agent. • An insurance company or a subsidiary or affiliate of an insurance company organized under the laws of this state, another state, or the United States, and subject to regulation by the commissioner of insurance. • A nonprofit organization qualifying for tax-exempt status under the Internal Revenue Code as defined in section 422.3 which offers housing services to low and moderate income families (must still register pursuant to §535B.3). • An individual who is employed by or is under an exclusive contract with a company (including a sole proprietorship) that is exempt from this license to the extent that individual is acting within the scope of the exempt entity’s charter, license, authority, approval, or certificate. Pre-Requisites for License Applications • None. Iowa Division of Banking issues a paper license for this license type.

Other Iowa mortgage licenses

Sourced from the NMLS/CSBS state licensing record, last updated June 13, 2023. Requirements change — confirm against the state agency before filing. Not legal advice.

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