Iowa State Guidelines - eprmg.net

iowa State Guidelines For Internal Use Only Page 1 of 6 07/09/2014 iowa Guideline s Quick Links: Licensing Wholesale Disclosures Retail Disclosures Redisclosures Closing Documents Fee Information General Requirements General loan Restrictions and Practices loan Closings Miscellaneous Second Lien Loans LICENSING Lender Licensing Any company (including a sole proprietorship) that in a calendar year makes, originates, or services at least four mortgage loans secured by owner-occupied residential real property located in iowa must have a Mortgage Banker License o PRMG has a Mortgage Banker License (Company License # 2013-0098) o PRMG can do Retail OR Wholesale with brokers who have an iowa Mortgage Banker License - Qualified Individual: There is no Qualified Requirement(QI) in iowa o Brick and Mortar: There is no brick and mortar requirement for the iowa Mortgage Banker License Branching: Any location other than the principal office that conducts iowa mortgage business with iowa residents must have a Mortgage Branch Registration; the requirements are: o A branch manager who has a iowa Mortgage loan originator License o Disclosure Questions o Cost: $40 PRMG s locations that are authorized to lend in iowa : o Headquarters (Corona, CA) Broker Licensing Appli

Applies when PRMG acts as a third party originator and sends the loan to an approved wholesale lender to underwrite and fund

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