§ 535D.5 — License and registration — application and issuance

Iowa § 535D.5

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 535D: MORTGAGE LICENSING ACT

Text

1. An applicant for licensure shall submit an application on a form prescribed by the
superintendent.
2. The superintendent may enter into a contract with the nationwide mortgage licensing
system and registry or other entities designated by the nationwide mortgage licensing system
and registry to collect and maintain records and process transaction fees or other fees related
to licensees or other persons subject to this chapter.
3. For the purpose of participating in the nationwide mortgage licensing system and
registry, the superintendent may adopt rules which waive or modify, in whole or in part,
§535D.5, MORTGAGE LICENSING ACT 4
requirements of this chapter and replace them with requirements reasonably necessary to
participate in the nationwide mortgage licensing system and registry.
4. In connection with an application for licensing as a mortgage loan originator, the
applicant shall, at a minimum, furnish to the nationwide mortgage licensing system and
registry information concerning the applicant’s identity, including all of the following:
a. Fingerprints for submission to the federal bureau of investigation, and any
governmental agency or entity authorized to receive such information for a state, national,
and international criminal history background check.
b. Personal history and experience in a form prescribed by the nationwide mortgage
licensing system and registry, including the submission of authorization for the nationwide
mortgage licensing system and registry and the superintendent to obtain an independent
credit report obtained from a consumer reporting agency described in section 603(p) of the
federal Fair Credit Reporting Act; and information related to any administrative, civil, or
criminal findings by any governmental jurisdiction.
c. Any other information requested by the superintendent.
5. For the purposes of this section and in order to reduce the points of contact which
the federal bureau of investigation may have to maintain for purposes of subsection 4,
the superintendent may use the nationwide mortgage licensing system and registry as a
channeling agent for requesting information from and distributing information to the United
States department of justice or other governmental agency, or to or from any other source
so directed by the superintendent.