Who requires it
Iowa Division of Banking — Mortgage licensing
License & permit · Iowa
Iowa Mortgage Lender Bond
Iowa mortgage bankers, mortgage brokers, and closing agents must maintain chapter 535B sureties with the Division of Banking. Iowa Code § 535B.9 starts mortgage broker and banker applicants at $100,000 until the superintendent’s volume schedule applies, and it sets closing agents at $25,000. 187 IAC 18.2 implements the operative banker/broker amounts: $100,000 when prior-year residential mortgage volume is $100,000,000 or less, and $150,000 when volume exceeds $100,000,000. Filings run electronically through NMLS.
Common bond amount
$25,000 / $100,000 / $150,000
Closing agent $25,000; banker/broker $100,000 (≤ $100M volume) or $150,000 (over $100M) under 187 IAC 18.2.
How you file
File electronically through NMLS under Iowa Code chapter 535B
Renewal
Keep the bond in place while licensed. Recalculate the banker or broker amount each year if volume crosses $100 million
Who requires it
Applicants for and holders of Iowa mortgage banker, mortgage broker, or closing agent licenses under chapter 535B. Individual mortgage loan originators typically rely on employer coverage rather than posting a separate company-style amount under this schedule.
How much is required
Rule 187—18.2 sizes banker and broker bonds from the volume of residential mortgage loans made, originated, arranged, brokered, processed, underwritten, and serviced in the preceding calendar year. Volume through $100,000,000 requires $100,000; volume above that requires $150,000. Closing agent applicants file a $25,000 bond complying with § 535B.9.
How to get and file it
Confirm the license type and volume tier, authorize an Iowa-admitted surety in NMLS, and have the surety file the bond with the Division of Banking in the required amount. Keep the bond in force for the license term. Surety cancellation requires at least thirty days’ written notice to the licensee and the administrator. Recalculate the banker/broker amount annually when prior-year volume crosses the $100,000,000 line.
Cost note
Twenty-five thousand to one hundred fifty thousand dollars is the required bond amount, not the premium you pay. See bond amount vs premium. Bond amount vs premium →
Requirement checklist
- Mortgage banker / broker ≤ $100M volume
- $100,000
- Mortgage banker / broker over $100M volume
- $150,000
- Closing agent
- $25,000
- Filing path
- File through NMLS with the Division of Banking
Official sources
Related resources
Frequently asked questions
Does a closing agent use the same Iowa bond as a mortgage broker?
No. Closing agents file a $25,000 surety under § 535B.9 and 187 IAC 18.2(7). Mortgage bankers and brokers use the $100,000 / $150,000 volume schedule.
When does the Iowa mortgage bond jump to $150,000?
When prior-year residential mortgage volume made, originated, arranged, brokered, processed, underwritten, and serviced exceeds $100,000,000, 187 IAC 18.2 requires a $150,000 amount.
Related Iowa bond guides
Money Transmitter Bond
$100,000–$500,000
Iowa money transmitter applicants and licensees must keep a surety bond acceptable to the superintendent under Iowa Code § 533C.802. The amount is the greater of $100,000 or 100% of the licensee’s average daily money-transmission liability in Iowa for the most recently completed three-month period, capped at $500,000. If you post $500,000, you do not have to calculate average daily liability. Filings typically run through NMLS with the Division of Banking.
Debt Management Bond
$25,000 per office
Iowa debt-management businesses must be licensed under chapter 533A and file a $25,000 surety for each office with the superintendent of banking. Section 533A.2 requires lawful operation and accurate accounting of money collected for debtors. Claims on each office cannot exceed $25,000. This is not a collection-agency license bond—Iowa does not operate a parallel statewide collector surety program.
Credit Services Organization Bond
$10,000
Iowa credit services organizations that must post security under chapter 538A file either a surety bond or a surety-account notice with the Secretary of State. Iowa Code § 538A.4 sets the amount at not less than $10,000 and requires coverage until the surety cancels with at least thirty days’ written notice to both the organization and the Secretary of State. People harmed by chapter 538A violations can claim on the bond.
Surety basics (not repeated here)
Universal surety concepts explained once—linked here instead of repeated on every state or bond page.
Continue with a Iowa application
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Last verified 2026-08-11. This guide is based on verified educational content and official sources.
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