The Iowa Division of Banking is the state regulatory body charged with overseeing the activities and licensing of mortgage brokers.
While the Division regulates mortgage brokers, your mortgage broker license is electronically filed through the Nationwide Mortgage Licensing System, NMLS. Once your surety bond has been approved and purchased, our agency can electronically file the bond on your behalf through NMLS.
There are two Iowa mortgage broker surety bond amounts, according to NMLS.
Candidates who have production levels up to $100 million, require a $100,000 surety bond; and candidates who exceed $100 million require a $150,000 mortgage broker surety bond.
Qualifying for either surety bond amount is by means of an application – which we can begin with you over the phone, but which you will need to complete and sign --- and a credit inquiry and review of your application by an underwriter.
Approval will be based largely upon your good credit. Applicants who are approved may expect to pay ¾ of 1% of the bond amount as premium.
The Iowa mortgage broker bond is issued as a continuous bond. Unless either you or the surety cancels the bond, it remains in force indefinitely.
The bond will also change if you require a new surety bond due to a change in production levels as stated above; in which case, the older surety bond would be canceled.
The mortgage broker bond serves as a financial guarantee or evidence of financial responsibility that you will be in compliance with Iowa Code Chapter 535B. The bond also covers the activities of employees of the a mortgage broker company, so they are not obligated to procure their own separate surety bond.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit bonds throughout Iowa, in addition to court surety bonds.
Our agency also provides surety bonds nationwide.
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