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How Much Does an Iowa Mortgage Broker Bond Cost?
The cost of a Iowa mortgage broker bond varies based on the annual loan volume. For loan volumes up to $100 million, the bond typically costs between $1,000 and $10,000, with a required bond amount of $100,000. For loan volumes exceeding $100 million, the cost ranges from $1,500 to $15,000, and the required bond amount increases to $150,000.
Rather than pay the full bond amount for your mortgage broker license bond, you can purchase your bond through a surety bond company. The bond premium rate ranges from 1% to 10%. The rate is determined by the applicant’s credit scores, business experience, and both fixed and liquid assets.
Applicants with credit scores above 700 qualify for a mortgage broker bond premium rate from 1% to 3%. Applicants with credit scores between 600 and 699 qualify for premiums from 3% to 5%. Premiums of 5% to 10% are available for applicants with a 599 credit score or below.
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Surety Bond Cost Based on Credit Score |
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Surety Bond Name |
Surety Bond Amount |
Over 700 |
Between 600 - 699 |
Below 599 |
|
Iowa Mortgage Broker Bond |
$100,000 |
$1,000 - $3,000 |
$3,000 - $5,000 |
$5,000 - $10,000 |
|
Iowa Mortgage Broker Bond |
$150,000 |
$1,500 - $4,500 |
$4,500 - $7,500 |
$7,500 - $15,000 |
How to Get an Iowa Mortgage Broker Bond
1. Apply For Your Bond
It only takes a few minutes to apply for a mortgage broker bond in Iowa. Fill out the online application for a mortgage broker bond to receive a quote. Because numerous programs are available, we provide competitive rates to our customers based on their qualifying factors.
Our new client, Silas, contacted us recently to buy an Iowa mortgage broker bond. Within a few minutes, he applied online and reviewed his instant bond quote. After paying the premium online, Silas received his bond via email and quickly completed his license application.
2. Get Your Bond Quote
With our streamlined application and more than 10 years of experience, we simplify the process of getting an Iowa mortgage broker bond. After submitting your online application, you’ll receive a free, no-obligation quote.
More than 99% of our applicants qualify for a mortgage broker bond through our surety company. Often, applicants receive an instant quote from us. If your situation is more complex, we will be in touch within 48 hours with a quote.
3. Purchase Your Bond
After reviewing your bond quote, the final step is to purchase your bond. For your convenience, premiums can be paid online. We will then email the bond to you, or we can mail it if requested.
With a bond in place, you can complete your application for a mortgage broker license in Iowa. If you have any questions or encounter any difficulties, our surety bonds experts are here to help you – contact us or call us at (877) 514-5146.
Mortgage Broker Bond Requirements in Iowa
Mortgage brokers in Iowa are required to have a surety bond as mandated by Iowa statute, Chapter 535B. The bond amount is $100,000 for brokers with annual loan volumes up to $100 million. For brokers whose annual loan volumes exceed $100 million, the required bond amount increases to $150,000. When applying for a new license or renewing an existing license, the applicant must document proof of the appropriate bond amount based on their loan volume.
A mortgage broker license is required when a business or sole proprietor arranges or negotiates at least four mortgages within a calendar year. This requirement extends to attempts to arrange or negotiate mortgage loans. It applies to loans secured by residential, owner-occupied properties in the state.
The Iowa Division of Banking maintains the mortgage broker licensing requirements. However, the NMLS, or National Multistate Licensing Service, processes license applications and renewals.
The NMLS accepts electronic surety bonds to meet Iowa’s bond requirement. The obligee for the mortgage broker bond is the Iowa Division of Banking. You must maintain a bond for the life of your license. As your Iowa surety bond expiration date approaches, we will contact you about renewing it.
For questions about how to get a mortgage broker license in Iowa, contact the Division of Banking at (515) 281-4014.
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What Our Clients Have To Say?
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
