What is an Iowa Mortgage Broker Bond?
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.
The State requires a Mortgage Broker bond for :
$100,000 for any amount before $100,000,000 and $150,000 for any amount after $100,000,000.
Different parts of a bond:
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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Mortgage Broker Bond Information and Requirements:
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.