Iowa Administrative Code › Agency 187 - Banking Division › Chapter 18 - Mortgage Bankers, Mortgage Brokers, and Real Estate Closing Agents › Rule 187-18.2 - Application for License

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
			 Application for a license to operate as a mortgage banker, mortgage broker, or
			 closing agent shall be submitted to the administrator through the NMLS, and all
			 requested information shall be provided on or with the application form. The
			 administrator may consider an application or registration withdrawn if the
			 application or registration does not contain all of the information required
			 and the information is not submitted to the administrator within 30 days after
			 the administrator requests the information.
(2) Each officer, director, and individual
			 who has control of an applicant must provide fingerprints, authorize a
			 fingerprint background check through NMLS, and pay the appropriate fees for the
			 purpose of conducting a national criminal history background check through the
			 Federal Bureau of Investigation.
(3) The license application shall be
			 accompanied by a fee of $500 plus $40 per additional branch location. The $500
			 fee is not subject to refund. The applicant shall also pay any additional fees
			 required by the NMLS including but not limited to the following: system
			 processing fees, background check fees, and credit background check
			 fees.
(4) If any information
			 changes after the filing of the initial application, the applicant shall
			 provide updated information to the administrator in writing within 10 days of
			 the change. Failure to provide updated information when a change has occurred
			 may result in denial of the application.
(5) The administrator shall approve or deny a
			 license application in accordance with the provisions of Iowa Code section
			 535B.5. A person shall not be eligible for licensing as a mortgage banker or
			 mortgage broker unless all mortgage loan originators who are employed by, under
			 contract with, or exclusive agents of the person have successfully completed
			 the licensing requirements of Iowa Code chapter 535D.
(6) An applicant for a mortgage banker or
			 mortgage broker license must file with the administrator a bond complying with
			 the provisions of Iowa Code section
			 535B.9.
			 The bond amount required to be filed and maintained by the applicant shall be
			 set and adjusted as necessary annually in accordance with the following scale,
			 based on the volume of residential mortgage loans made, originated, arranged,
			 brokered, processed, underwritten, and serviced, as the case may be, by the
			 applicant or licensee during the preceding calendar year:
Loans
Bond Amount
$0 - $100,000,000
$100,000
Over $100,000,000
$150,000
(7) An
			 applicant for a closing agent license must file with the administrator a bond
			 in the amount of $25,000 which complies with the provisions of Iowa Code
			 section
			 535B.9.
(8) Licenses expire on the next December 31
			 after issuance. However, licenses granted on or after November 1 but before
			 January 1 will not expire until December 31 of the following year. For example,
			 a license granted on November 17, 2008, would not expire until December 31,
			 2009.