(1) $500 non-refundable license fee

(2) $200 renewal fee

(3) $15,000 Surety Bond

(4) Current Audited Financial Statements

(5) Employment history

(6) Full background investigation

(7) Designate a Resident Agent for purposes, but no office is required in the state (if no agent filed, then Superintendent of Banking of State of Iowan is legal agent).

NOTE: In the state of Iowa, a Mortgage Broker is NOT allowed to make 1st mortgage loans and CANNOT be named as the "Lender" on the loan docs; however, they MAY make 2nd mortgages of $25,000 or under.

Loan Officer Requirements:

(1) 18 Years of Age 

(2) 20 Hours of Education, including at least:

            - 3 Hours of Federal Law and Regulations

            - 3 Hours of Ethics

            - 2 Hours related to lending standards for the

nontraditional mortgage product marketplace 

(3) Score at least a 75% on the Iowa Mortgage Loan Originator Examination administered by Pearson VUE 

Contact Information:

Iowa Division of Banking

200 East Grand Avenue, Suite #300

Des Moines, IA 50309

Phone: 515.281.4014

Website:http://www.idob.state.ia.us/

Map of Iowa Division of Banking: