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Why do I need a Mortgage Bond?
The Iowa Mortgage Surety Bond ensures the licensee’s full compliance with the Iowa State Code and protects the public from any wrongdoing or noncompliance by the licensee. Iowa Code Chapter 535B requires the filing of an Iowa Mortgage Surety Bond with the Superintendent of the Division of Banking of the Department of Commerce as a component of the license application. The required amount for the Iowa Mortgage Surety Bond is $100,000. Furthermore, the Banking Finance Bureau requires a business and personal financial statement along with the bond.
The price for the bond, also known as the bond premium, is only a small fraction of the bond amount. The applicant should verify the bond amount with the obligee before applying for the bond to ensure the bond amount is correct. Since this bond is continuous, it remains in full force and effect until it is cancelled. If the bond is cancelled, the obligee must be notified of the cancellation.
Licensing Fees and Requirements:
- Surety bond
- Application through NMLS
- $500 application fee
- Current audited financial statements
- Certificate of Authority or Good Standing
- Disclosure Questions
- Employment history
- References
- Criminal Background Check
All licensing fees are required by the obligee, not the surety company.
How do I obtain an Iowa Mortgage Surety Bond?
Surety Solutions Insurance Services Inc was established in 2003. Although our headquarters are located in California, we are actually licensed in all 50 states. We have also partnered with several surety markets to ensure that we would only offer the best rates for all our clients. Our application processing time is also very fast, with some applications taking just a business day to get approved!
If you wish to get this surety bond from us, please fill out and submit an online application form. You will then be contacted by our licensed agents who will give a no-obligation quote for your bond. If you find the price to your satisfaction, just pay the said amount and sign all the paperwork. We will then send the surety bond through USPS Priority Mail or overnight delivery. With an A+ rating from the Better Business Bureau, you can only expect the best service from us here at Surety1.