Get Your Mortgage Loan Originator License in 2024!
Iowa Pre-Licensing Education
Starting at: $349 Now Only $239!
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How to Get an NMLS Mortgage License in Iowa
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Step 1 |
Step 2 |
Step 3 |
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Apply to Get an NMLS Account and ID Number |
Take Required NMLS Pre-License Classes |
Take Your Exam |
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You’re going to need your own account on the NMLS online system, along with a unique ID. Get these on the NMLS website. |
In the state of Iowa, you need 20 hours of approved instruction before you can apply for your Iowa mortgage license. |
To find out how to schedule your NMLS license exam, get the details here. |
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Step 4 |
Step 5 |
Step 6 |
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Pay for Your Background Check |
Complete an Iowa Mortgage License Application |
Add Your Employer to Your NMLS Account |
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When you pass your exam, you’ll also need to get your fingerprints taken for a criminal background check. Learn how here. Get your credit report ready, too.. |
There are several steps to actually applying for your license. Complete them all on your application here. |
Each MLO license in Iowa must be connected with an employer to be taken out of “pending” status. Get the needed steps here. |
The Advantages of an Iowa Mortgage License
Being a mortgage loan officer is a satisfying and lucrative career. Are you a people person? You’ll enjoy connecting with people who are excited to work with you. You’ll help them when they’re either walking on air from getting a new home or frustrated with the process. You can make it even better for them.
This career is only possible with an MLO Iowa license. Is it hard to find 20 hours to take classes, plus additional time to take an exam and fill out paperwork? Don’t worry, because our education bundles will help you use your time efficiently. Take our practice test to ensure you pass. With Mortgage Educators, you’ll be ready.
Iowa Frequently Asked Questions
In an effort to curb the predatory lending practices that led to the demise of the housing and residential mortgage industry in 2008, the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE) was enacted. This opened up a world of opportunity to those driven to attain an MLO license and then work hard to match people with loan products.
| Topic | Hours Required |
|---|---|
| Fair Lending, Ethics, Fraud, and Consumer Protection | 3 Hours |
| Federal Laws and Regulations | 3 Hours |
| Non-Standard Lending | 2 Hours |
| Undefined Electives | 12 Hours |
| Total 20 Hours | |
If you complete the required 20 hours of education but do not obtain your license for a 3-year period, you'll need to repeat the coursework. The same applies if you let your license lapse for 3+ years before you want to get back into the industry.
A “mortgage broker” refers to an individual or an organization that connects consumers with mortgage loans from a variety of companies. Mortgage brokers frequently employ loan officers. In contrast, a loan officer is an employee who regularly works with borrowers and provides loans that are originated by their employer. Brokers and loan officers need different types of licenses.
Earning your mortgage broker license in Iowa should be considered an investment well worth your time. Here’s what to expect when it comes to licensing fees in Iowa:
| NMLS Fees | |
|---|---|
| NMLS Initial Processing Fee | $30 |
| Iowa License Fee | $50 |
| Credit Report | $15 |
| FBI Criminal Background Check | $36.25 |
| Total License Cost | $131.25 |
On an annual basis, Iowa MLO license holders must complete 8 total hours of Comprehensive Continuing Education that must cover:
| Topic | Required Hours |
|---|---|
| Federal Regulations and Law | 3 Hours |
| Ethics, including consumer protection, fair lending | 2 Hours |
| Non-Traditional mortgage lending | 2 Hours |
| Undefined Elective | 1 Hour |
Remember to take into account the “successive years” rule, which prohibits loan officers from taking the same CE course two years in a row.
Mortgage Educators changes its continuing education course annually to ensure there are no issues with the successive years rule.
The deadline to complete CE in Iowa is December 1st. MLO's in Iowa are actually prevented from applying for license renewal until they have completed their CE. You'll also have to
pay a $50 renewal fee. If you miss the deadline, and need to reinstate your license, rather than renew, the deadline is February 28th, ad the fee is $150. There's also a $30 processing fee.
Mortgage Educators and Compliance is here to answer any additional questions you may have regarding your Iowa mortgage license. For additional questions, feel free to call us at 801-676-2520 or email us at [email protected].
