IA MORTGAGE BROKER BOND
NFP Surety is a provider of the $100,000 Iowa Mortgage Broker Bond, required by the IA Superintendent of Banking. According to IA Chapter Code 535B, a person shall not act as a mortgage banker or mortgage broker in Iowa or use either titles without first obtaining a license and IA Mortgage Banker/Broker Surety Bond.
A Mortgage Broker license is required of any company (including a sole proprietorship) that in a calendar year arranges or negotiates at least four mortgage loans or commitments for four or more such loans secured by owner-occupied residential real property located in Iowa.
A Mortgage Banker license is required of any company (including a sole proprietorship) that in a calendar year makes, originates, or services at least four mortgage loans secured by owner-occupied residential real property located in Iowa.
Iowa Broker Bond Requirements
The IA Mortgage Broker Bond is required to ensure the licensees will faithfully conduct business in accordance to the law, according to Chapter Code 535B & 535D. The IA bond form is continuous in nature until canceled, meaning no Continuation Certificate or new bond is required upon renewal.
Note: This bond requires a credit check. For rate information regardless of credit, please call (480) 947-3555 to speak to our sales staff, or you may complete an online application or downloadable application to apply for a bond. NFP Surety has become the industry leader for all types of surety bonds. Contact us today to get bonded in just a few minutes.