Two-Tier: $100K / $150K
$100K for ≤$100M volume. $150K for >$100M. Same schedule for brokers and bankers. Superintendent may set volume-based amount. Separate $25K closing agent bond.
IA Division of Banking§ 535B.9Same-Day Issuance
Iowa Mortgage Broker Surety Bond
Secure your Iowa mortgage broker or banker license with a surety bond from Surety One, Inc. $100,000 or $150,000 based on annual loan volume. Bond covers both brokers and bankers. Premiums individually determined by credit.
IA Mortgage Bond
$100K / $150K
Two-tier by volume • Covers brokers & bankers • Premium based on credit
≤$100M annual volume$100,000
Over $100M annual volume$150,000
Closing Agent (separate)$25,000
PremiumBased on Credit
ObligeeIA Superintendent of Banking
TurnaroundSame Day
Get Your Free Quote
Understanding Your Bond
What Is a Iowa Mortgage Broker Surety Bond?
An Iowa mortgage surety bond is required by the Iowa Division of Banking, Department of Commerce, as a condition of licensure under Iowa Code § 535B.9 (Chapter 535B).
Iowa uses a straightforward two-tier system: $100,000 for annual loan volumes up to $100 million, and $150,000 for volumes exceeding $100 million. The same bond applies to both mortgage brokers and mortgage bankers. The Superintendent may determine a bond amount reflecting the dollar value of loans originated.
The bond is for the use of the State and any persons who may have causes of action against the applicant, conditioned upon faithful conformity with Chapter 535B and all rules adopted under it. Iowa also requires a separate $25,000 Closing Agent Bond for those acting as closing agents — distinct from the mortgage bond.
The Three Parties
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PrincipalThe mortgage broker or banker who purchases the bond and must faithfully conform to Iowa Code Chapter 535B.
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ObligeeThe Iowa Superintendent of Banking, Department of Commerce — the regulatory authority to whom the bond is filed and who enforces Chapter 535B.
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SuretySurety One, Inc. — the company that underwrites and issues the bond, guaranteeing the principal's compliance with Iowa mortgage licensing law.
Simple Two-Tier + Separate Closing Agent Bond
Iowa's two-tier system ($100K/$150K) is among the simplest in the series. However, if you also act as a closing agent, you need a separate $25,000 Iowa Closing Agent Bond. Surety One issues both bond types. Apply now or call (800) 373-2804.
Bond Amount Requirements
Iowa Mortgage Bond Amounts
| License Type / Annual Volume | Bond Amount |
|---|---|
| Broker or Banker: ≤$100M annual volume | $100,000 |
| Broker or Banker: Over $100M annual volume | $150,000 |
| Closing Agent (separate bond) | $25,000 |
Iowa Licensing Requirements
Key Bond & Licensing Requirements
Division of Banking
Iowa Division of Banking, Dept. of Commerce. Phone: (515) 281-4014. Bond for use of State and persons with causes of action. Faithful conformity with Chapter 535B.
Iowa Code § 535B.9
Chapter 535B: Mortgage Bankers, Mortgage Brokers, and Closing Agents. Also references Chapter 535D. Bond requirement: § 535B.9. Additional license for each DBA.
Certified Financial Statement
Recently prepared certified financial statement required. Three professional references on letterhead, dated within 180 days. HUD classification approval if applicable.
NMLS Electronic Filing
NMLS ESB filing. $500 application fee + $100 NMLS fee. Background check for each control person. Certificate of Authority or Good Standing within 60 days of application.
Continuous / 30-Day Cancel
Continuous bond until canceled. 30-day written notice by surety to broker/banker and Superintendent. December 31 annual renewal. No branch offices outside the US.
Consumer Protection
What Does This Bond Protect Against?
Chapter 535B Compliance
Faithful conformity with Iowa Code Chapter 535B and all rules adopted under it, covering mortgage brokering, banking, and closing agent activities.
State & Consumer Benefit
The bond is for the use of the State and any persons who may have causes of action against the applicant, ensuring both regulatory and consumer protection.
Broad Activity Coverage
Covers loans made, originated, arranged, brokered, processed, underwrote, or serviced — the broadest activity definition of any state in the series.
Separate Closing Agent Protection
Iowa uniquely requires a separate $25,000 Closing Agent Bond, providing additional protection for consumers in the closing process.
How It Works
Get Your Iowa Mortgage Broker Bond in 4 Steps
Apply Online
Complete our mortgage bond application online or call us at (800) 373-2804. Free and no obligation.
Get Your Quote
Our underwriters provide a competitive premium quote, typically within hours. We work with all credit profiles.
Purchase & Sign
Accept your quote, complete the indemnity agreement, and pay your premium.
Filed via NMLS
Surety One files your Electronic Surety Bond through the NMLS, satisfying the licensing requirement.
Understanding Your Premium
How Is My Premium Determined?
Your premium is a percentage of your required bond amount, individually determined through underwriting review. You do not pay the full bond amount.
| Underwriting Factor | How It Affects Your Premium |
|---|---|
| Required Bond Amount | Higher bond amounts result in higher premiums. |
| Personal Credit Score | Your FICO score is a primary factor. Stronger credit = lower rates. |
| Financial Statements | Personal and/or business financials may be required for larger bonds. |
| Industry Experience | Your mortgage industry history influences risk assessment. |
| Claims History | Prior surety bond claims may affect terms offered. |
Every Applicant Receives a Personalized Quote
Surety One provides free, no-obligation quotes — and we decline no application. Apply now or call (800) 373-2804.
Common Questions
Iowa Mortgage Broker Bond FAQ
Iowa mortgage bonds are $100,000 (≤$100M volume) or $150,000 (>$100M). Your premium is a percentage of the required amount, individually determined by credit and underwriting review.
Yes. Iowa uses the same two-tier bond schedule for both mortgage brokers and mortgage bankers, simplifying compliance if you hold both license types.
Yes. If you also act as a closing agent, Iowa requires a separate $25,000 Closing Agent Bond in addition to your mortgage broker or banker bond. Surety One issues both.
Iowa measures the volume of loans you made, originated, arranged, brokered, processed, underwrote, or serviced in the preceding calendar year — one of the broadest activity definitions.
The Iowa Division of Banking, Department of Commerce, requires the bond under Iowa Code § 535B.9. Phone: (515) 281-4014.
Yes. Surety One declines no application. We offer non-standard programs for all credit profiles.
Iowa mortgage licenses renew annually by December 31. Continuous bond with 30-day cancellation notice. Additional license required for each DBA or trade name.
The Surety One Advantage
Why Choose Surety One, Inc.?
IA Dual-Bond Specialists
Iowa's mortgage bond plus separate closing agent bond requires a surety that can issue both efficiently. We handle both IA bond types from a single point of contact.
Same-Day Issuance
Most Iowa mortgage bonds are issued the same business day. Our 24/7/365 underwriting team provides guaranteed same-day feedback.
A+ BBB Rated
Surety One carries an A+ rating with the Better Business Bureau in both our U.S. and Puerto Rico offices.
All Credit Accepted
We decline no application. Our non-standard programs provide access to bonding for all credit profiles.
Heartland Expertise
Operating in Iowa and the broader Midwest? We streamline your bonding across all 50 states with a single point of contact.
Free Quotes, No Obligation
Application review and quoting are always free. There is no obligation to purchase.
