What are the education and testing requirements?
You’re required by Iowa law to register annually with the State of Iowa Division of Banking. Education and testing is not required to become a broker.

What is the Iowa Division of Banking (IDOB)?
The IDOB strives to maintain a regulatory environment that assures the citizens of Iowa are provided banking and other financial services that are safe, sound, profitable, and contribute to the economic well-being of the state and its communities.

Who is required to register with the Iowa Division of Banking?
Any person who is employed by, under contract with, or an agent of a mortgage banker/broker licensee that arranges or negotiates loans secured by an owner occupied 1 to 2 family dwelling must register.

Who does not need to register?
A person whose job responsibilities on behalf of a licensee or individual registrant are to process mortgage loans, are solely clerical in nature, or otherwise do not involve direct contact with loan applicants. A person who has direct contact with a loan applicant regarding his/her application must be registered.

May an individual do three loans before that individual is required to register?
No. An individual may not do three loans before they are required to register. The number of loans exemption applies only to whether a company needs to be licensed.

Do I need a college degree to become a mortgage broker?
No. For a mere fraction of the cost of an associate’s or bachelor’s degree, you could be earning a six-figure income as a mortgage pro! For more details on state certification requirements, click here.

What kind of financial investment does it take to start a career in mortgage lending?
Next to nothing. For under $450, you can be certified and ready to cash in on this lucrative career.

Should I get any additional books on the subject?
Sure, reading as much as you can about succeeding as a new mortgage broker is a wise strategy. ProSchools offers an array of books in our online bookstore.

What are the continuing education and testing requirements?
Iowa requires Mortgage brokers and mortgage bankers to complete twelve hours of continuing education each year prior to the renewal of their registration. The continuing education year runs from May 1 to April 30th for a registration subject to renewal June 1. For example, registration renewals are due June 1, 2007, and mortgage brokers and mortgage bankers need to have completed their twelve hours of continuing education between May 1, 2006, and April 30, 2007. ProSchools has all the state-approved continuing education courses available online.