Iowa Mortgage Branch Registration
branch licence · NMLS IABRANCH_B · DOB
Requirements (4)
Step 1
Other Trade Names: If this branch is 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 both the Branch Form (MU3) and the Company Form (MU1). Mortgage banker and mortgage broker licensees are prohibited from using more than one other trade name for each license obtained. Therefore, please be advised that applicants must hold a Mortgage Banker or Mortgage Broker- Other Trade Name for each other trade name listed in the Other Trade Names section of the Company Form (MU1). Iowa Division of Banking does not allow more than 8 of other trade names to be held.Submitted via: Upload in NMLS: under the Document Type Trade Name/Assumed Name Registration Certificates in the Document Uploads section of the Company Form (MU1).
Step 2
Branch Manager: A Branch Manager must be designated for each licensed location. A Branch Manager is defined as an individual who oversees and is responsible for the business operations of a branch office. A Branch Manager must hold an active IA MLO license if he/she will be originating loans.Submitted via: NMLS
Step 3
Branch Manager Contract: Submit a copy of the signed contract between the branch manager and the licensee. This document should be named [Branch NMLS ID#] Branch Manager Agreement.Submitted via: Upload in NMLS: under the Document Type Branch Written Agreement in the Document Uploads section of the Branch Form (MU3).
Step 4
Credit Report Explanations: Submit a line by line, detailed letter of explanation of all derogatory credit accounts along with proof of payoffs, payment arrangements and evidence of payments made, or evidence of any formal dispute filed (documents must be dated). Accounts to address include, but are not limited to: collections items, charge offs, accounts currently past due, accounts with serious delinquencies in the last 3 years, repossessions, loan modifications, etc. Note: Items regarding bankruptcy, foreclosure actions, outstanding judgments or liens, or delinquent child support payments should be addressed in the Disclosure Explanations section of your Individual Form (MU2). This document should be named Credit Report Explanations – Sub Name – Document Creation Date.Submitted via: Upload in NMLS: under the Document Type Credit Report Explanations in the Document Uploads section of the Individual Form (MU2).
General information
Who is required to have this license?
Each company that is a mortgage banker for mortgage broker licensee, applicant,
or registrant is required to register each office, other than the main office
identified in the application, whether located in Iowa or not, that is or will
be conducting business with Iowa residents.
Iowa Code 535B.4
Pre-Requisites for License Applications
• This license should only be applied for by a
company that also holds or is applying for Mortgage Banker or Mortgage Broker
license.
Iowa
Division of Banking does not issue paper licenses for this license type.
Other Iowa mortgage licenses
- Mortgage Banker License
- Mortgage Banker Registrant
- Mortgage Broker License
- Mortgage Loan Originator License
- Non-profit Mortgage Banker Registrant
- All 6 Iowa licenses
Sourced from the NMLS/CSBS state licensing record, last updated May 18, 2023. Requirements change — confirm against the state agency before filing. Not legal advice.