Iowa Mortgage Loan Originator Bonds

Category: Uncategorized
Published: May 2, 2011
SB 355: License Bond – Mortgage Originators

This law requires mortgage originators to be covered by a surety bond. If this is not feasible this new law will permit the Superintendent of Banking to establish a recovery fund. The new law requires that the surety bond that is covering the mortgage loan originators must be posted in an amount that reflects the dollar amount of loans originated according to the Superintendent’s determination. The originator can be covered underneath of their employer’s surety bond or if they are the exclusive agent of a mortgage broker, mortgage banker, industrial lender or a consumer lender. Those positions are subject to bond requirements under existing law, the employer’s bond will suffice for the bond requirements for originators. The bond amount must reflect the dollar amount of the loans originated for an employer’s bond.

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Robin Kix

Robin Kix is currently the Renewal Department Manager. Since joining Lance Surety in 2014, she has helped thousands of businesses throughout the nation remain compliant at the federal, state and local level. She has significant experience supporting commercial bond lines, particularly in the automobile, transportation and construction industries. Robin and her team work together to create a positive customer service experience at the time of every policy renewal, whether that be finding the best pricing or offering additional assistance.