Iowa Mortgage License Requirements

Application Requirements to become licensed in Iowa:

*Note: A sponsorship request must be submitted by your employer. IA will review and accept or reject the sponsorship request.

Iowa NMLS Pre-Licensing Education Requirements:

New state-licensed MLOs are required to complete 20 hours of NMLS-approved education. This includes:

• 3 hours of federal law

• 3 hours of ethics

• 2 hours of non-traditional mortgage lending training

• 12 hours of electives

Note: Must be completed during the 3 years immediately preceding the date of application.

Iowa Continuing Education Requirements:

State-licensed MLOs are required to complete 8 hours of NMLS-approved mortgage education annually beginning the year they are licensed (unless PE was completed in the same year). This includes:

• 3 hours of federal law

• 2 hours of ethics

• 2 hours of non-traditional mortgage lending

• 1 hour of electives

The deadline to complete annual CE is December 1^st.  

MLOs are advised that to comply with the SAFE Act’s “successive years” rule, they may not take the same CE course two years in a row.

Iowa Division of Banking and Finance Bureau Contact Info:

• Phone: 515-281-4014

• Email: fblicensing@idob.state.ia.us

• Website: www.idob.state.ia.us

NMLS Resources:

• Common Individual Licensing Requirements 

• Mortgage Education Information

• Criminal Background Check 

• Credit Report

• MLO Testing 

Refund Policy for Iowa Residents

A.    OnCourse Learning shall refund all charges to any student who withdraws within the first two calendar weeks of instruction. 
B.    OnCourse Learning shall make a pro rata refund of charges to any student who terminates their product after two calendar weeks of 95% of the amount charged to the student multiplied by the ratio of the number of calendar days remaining in the entitlement period (1yr from enrollment date) to the total number of calendar days in the entitlement period. If a student has completed sixty percent or more of a entitlement period, OnCourse Learning is not required to refund charges. 
C.    When a student terminates a product after the first two calendar weeks due to the student’s physical incapacity or, for a program that requires classroom instruction, due to the transfer of the spouse’s  employment to another city, the student shall receive a refund of the charges in an amount that equals the amount charged to the student multiplied by the ratio of the remaining number of calendar days in the entitlement period to the total number of calendar days in the entitlement period. 
D.    A refund of charges shall be provided to the student within forty-five days following the date of the institution’s determination that the student has terminated their product. 
E.    A student who terminates their product shall not be charged any fee or other monetary penalty for termination, other than a reduction in tuition refund as specified above.