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Iowa Mortgage License

Iowa mortgage license is essential for the home loan brokers, lenders and bankers who provide a number of mortgage services to the citizens of the state. There are certain requirements that applicants are required to fulfill in order to get their license. The real estate business in Iowa has rapidly developed over the last decade and it has attracted a number of talented professionals to enter the mortgage business. If you are thinking to become a home loan broker or a lender then you are required to have a license to start your lending, selling or loan processing business. It is also very important for you to get informed with all the requirements and preconditions for obtaining the license.

Iowa Mortgage Broker Licensing

Iowa mortgage broker license is regulated by the Iowa Division of Banking (IDOB). There are several broker license requirements set by IDOB which you should fully understand if you wish to become a licensed home loan broker in the state. In Iowa, brokers are not required to have any physical office inside the state while applying for the license. It is also not necessary for the applicants to fulfill any particular educational qualification or have specific experience in lending or loan processing business.

However, the applicants will have to maintain an amount of $50,000 on surety bond and provide an audited financial statement their company. Unlike other states, there is not any essential minimum net worth amount to be maintained by the applicants. Each and every applicant for mortgage broker license are required to pay an amount of $500 as application fee.

Iowa Mortgage Banker License

In case of Iowa mortgage banker license, the applicants are required to have a surety bond amount of $100,000. A criminal background check will also be made to make sure that the applicant is not involved in any criminal activities. Mortgage licensing in Iowa are usually completed within 90 days from the date of application.

Real estate agents in Iowa are also required to have the real estate license in order to perform their business activities. By obtaining the license, mortgage brokers and bankers could arrange or negotiate home loans on behalf of the lenders. Instead of directly applying at the Iowa Division of Banking, applicants can also seek the assistance of some mortgage licensing companies located in the state. Most of the licensing companies are available on the Internet and they are very easy to find.
Nationwide Mortgage Licensing System
At the official website of Nationwide Mortgage Licensing System, you will be able to get comprehensive details on all the licensing requirements in Iowa. They also offer detailed information on the services of the Iowa Division of Banking.
American Mortgage Licensing
American Mortgage Licensing is a nationwide mortgage licensing company well known for its quick services. They also provide mortgage broker licensing services in the state of Iowa.
MortgageFit provide valuable information on the mortgage licensing requirements prevalent in Iowa. Log on to the website of the company if you are looking for a mortgage broker license in the state.

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