Mortgage licensing / Iowa

Iowa Mortgage Broker License

company licence · NMLS IABROKER_C · DOB

Requirements (7)

1. Step 1

   Financial Statements: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement. Note: If applicant is a start-up company, only an initial Statement of Condition is required.

   Submitted via: NMLS

2. Step 2

   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).Iowa Division of Banking does not allow more than 8 of other trade names. 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. Mortgage Brokers 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- 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: NMLS Upload in NMLS: under the Document Type Trade Name/Assumed Name Registration Certificates in the Document Uploads section of the Company Form (MU1).

3. Step 3

   Resident/Registered Agent: The Resident/Registered Agent must be listed under the Resident/Registered Agent section of the Company Form (MU1) and must match the information currently on record with Iowa Secretary of State.

   Submitted via: NMLS

4. Step 4

   MU2 Individual FBI Criminal Background Check Requirements: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement.

   Submitted via: NMLS

5. Step 5

   Electronic Surety Bond: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement. Note: Surety bonds submitted via the Document Uploads section will not satisfy this requirement. Surety Bond Requirements Table Amount Bond Amount $0 — $100,000,000 $100,000 Over $100,000,000 $150,000

   Submitted via: Electronic Surety Bond in NMLS

6. Step 6

   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).

7. Step 7

   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

Other Iowa mortgage licenses

• Mortgage Banker License
• Mortgage Banker Registrant
• Mortgage Branch Registration
• Mortgage Loan Originator License
• Non-profit Mortgage Banker Registrant
• All 6 Iowa 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.