Iowa Mortgage Education
EasyRealEstateSchool.com offers these Iowa mortgage education courses in conjunction with MortgageEducation.com. All the mortgage education courses are NMLS-approved and will satisfy all the required education hours for your state. Should you have any questions please feel free to contact MortgageEducation.com.
Who is required to have this license?
Who is required to have this license?
This license is required of any individual who for compensation or gain or in the expectation of compensation or gain takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan.
Who does not need this license?
- Any person who is not an individual
- An individual engaged solely as a loan processor or underwriter (note: an individual that is a loan processor or underwriter who is an independent contractor must be licensed as a Mortgage Loan Originator)
- An individual who only performs real estate brokerage activities and is licensed in accordance with state law, unless the individual is compensated by a lender, a mortgage broker, or mortgage loan originator or by any agent of such lender, mortgage broker, or mortgage loan originator.
- An individual solely involved in extensions of credit relating to timeshare plans.
- An individual employed by a residential mortgage loan services if the individual is involved solely in loss mitigation efforts.
- A “registered” mortgage loan originator who is an employee of a depository institution, a subsidiary that is owned and controlled by a depository institution and regulated by a federal banking agency, or an institution regulated by the farm credit administration; and is registered with and maintains a unique identifier through the NMLS.
What are the pre-requisites for registration?
- National Criminal background check
- Authorization to obtain an independent credit report
- 20 Hours of pre-licensing education approved by the NMLS, which shall include at least:
- 3 hours of federal law and regulations pertaining to residential mortgage loan origination
- 3 hours of ethics, this shall include instruction on fraud, consumer protection, and fair lending issues
- 2 hours related to lending standards for the nontraditional mortgage product marketplace
- Score at least a 75% on the National and Iowa state test developed by the NMLS.
For more information about the actual course please visit Mortgage Education Course FAQ’s.
Iowa State Requirments
SAFE ACT Requirements
- SAFE MLO Test – All licensees must pass the National and State Components of the SAFE MLO Test by 12/01/2010.
- Criminal Background Check – All licensees must submit fingerprints through NMLS for a criminal background check by 12/01/2010.
- Credit Report – All licensees will be required to authorize a credit report through NMLS between October 2010 and March 1, 2011.
Iowa Mortgage Education Requirements
- SAFE Act Pre-License (Required courses – SAFE CORE 8 hours) – All new applicants on or after 1/1/2010 must have completed hours of NMLS approved pre-licensure education by 12/01/2010. Existing licensees must complete 20 hours of NMLS approved pre-licensure education by 12/01/2010, unless the licensees has completed 20 hours of state approved education by 12/31/2009. State approved courses will longer be accepted after 12/31/2009.
- SAFE Act Continuing Education (Required courses – SAFE CORE 7 hours) – All licensees must take 8 hours of NMLS approved continuing education in 2010 in order to renew for 2011, unless PE was completed in 2010. This course should be taken Yearly by 12/31.
- Certification (Education) – Currently licensed MLOs who have completed at least 20 hours of IA state approved education on or before 12/31/2009 may be eligible to participate in the PE certification process and may not need to take the NMLS approved pre-licensure education. Refer to your state agency for more information.
- Certification (Test) – Currently licensed MLOs who have passed the IA mortgage test no later than 7/30/2009 may be eligible to participate in the testing certification process and may not need to take the IA Component of the SAFE MLO Test. Refer to your state agency for more information.
For more information about the actual course please visit Mortgage Education Course FAQ’s.