An Iowa mortgage broker bond is a type of surety bond that is required by the Iowa Division of Banking for individuals or companies that want to operate as mortgage brokers in the state. The bond serves as a guarantee that the broker will comply with state regulations and operate their business in an ethical and honest manner. In the event that the broker violates any regulations, the bond can be used to compensate any affected parties. The amount of the bond and specific requirements may vary based on the broker's experience and history.
Iowa Mortgage Broker Bonds are required by Iowa's Division of Banking to obtain your Mortgage Broker license. The Iowa Mortgage Broker Bond amount is set at $100,000. This license is required of any company (including a sole proprietorship) that in a calendar year arranges or negotiates, or attempts to arrange or negotiate, at least four mortgage loans or commitments for four or more such loans secured by owner-occupied residential real property located in Iowa.
$100,000 for any amount before $100,000,000 and $150,000 for any amount after $100,000,000.
There are 3 parts to a Mortgage broker surety bond. The Principal "YOU", The Surety Company, and the Obligee. The Principal is the business or individual applying for the Mortgage Broker Surety Bond. The Obligee is the individual or entity requiring the Surety Bond and the Surety Company is the company who provides the Surety Bond coverage.
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For loans up to $100,000,000 a surety bond of $100,000 is required. For any loans past $100,000,000, a surety bond of $150,000 is required.