Iowa closing agents are regulated by the state’s Superintendent of Banking. Closing agents file their license and the $25,000 surety bond requirement through NMLS, the Nationwide Mortgage Licensing System.
Meeting the surety bond requirement will be the quickest and the easiest part of your licensing process. Also, once purchased, our agency can file the surety bond your behalf through NMLS.
You are automatically approved for the $25,000 Iowa closing agent bond. After completing a short surety bond application --- which we’ll complete with you over the phone --- and payment of the $125 premium, this surety bond is issued to you immediately.
There is neither a credit check inquiry nor an underwriter review for this bond.
Once the bond has been issued, a copy of the bond can be emailed to you. As noted above, we will also file the bond on your behalf, or you may choose to file it on your own.
At $125 premium, the Iowa closing agent bond is issued for a one year term. You may also purchase this bond for up to 3 years, thereby lengthening the time between renewals and offering you a savings at the same time.
The premium prepayment options and savings are as follows:
Your closing agent surety bond is a financial guarantee that you will be in compliance with Iowa Code Chapter 535B and any amendments or addition to this law. The surety bond in a broad sense protects against of fraud or misrepresentation in the professional conduct of your company as it relates to consumers.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit bonds throughout Iowa.
Our agency also provides surety bonds nationwide.
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