Iowa Admin. Code r. 187-18.2 - Application for license
(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administrator may consider an application or registration withdrawn if the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.
Notes
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