Reglith

Mortgage licensing / Iowa

Iowa Non-profit Mortgage Banker Registrant

company licence · NMLS IANONPROFIT_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

  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 nonprofit organization qualifying for tax-exempt status under section 422.3 of the Internal Revenue Code that offers housing services to loan and moderate income families that would otherwise be required to obtain a mortgage banker or mortgage broker license, but that is specifically exempt pursuant to section 5335B.2, subsection 8. Who Does Not Need This Registration? • Mortgage Banker or Mortgage Broker licensees Pre-Requisites for License Applications • None. Iowa Division of Banking issues a paper license for this license type. Document Uploads Guidance Documents that must be uploaded to the Document Uploads section of the Company Form (MU1) in NMLS are indicated in the checklist below. When uploading documents: • Follow the guidance in Document Upload Descriptions and Examples. • Only upload documents relevant to the company application. • Only upload documents where there is a selectable document category. If inappropriate documents are uploaded that should not be, you will be contacted by your regulator and asked to remove them from NMLS. • Do not upload the same company documents multiple times. Generally, unless the document is state-specific, if the document has already been uploaded for another state, a new upload is not required unless changes have been made. • If a document previously uploaded has been revised, delete the old document and replace it with the new document (history of the old document will remain in NMLS). • For state-specific documents (e.g., Surety Bonds), be sure to indicate the applicable state.

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.

Stop missing the rule that costs you a loan.