The Iowa Closing Agent Bond is required by the State of Iowa, Superintendent of Banking. The amount of the bond is $25,000. Surety1 can write this bond for just a small percentage.
What is the purpose of an Iowa Closing Agent Bond?
This surety bond is a requirement for any person who wants to obtain an Iowa Closing Agent License. A closing agent is any person who provides administrative and clerical services required to carry out the conveyance or transfer of real estate or an interest in real estate located in Iowa to a purchaser or lender.
Real estate closing services include but are not limited to:
- Preparing settlement statements
- Determining that all closing documents conform to the parties’ contract requirements
- Ascertaining that the lender’s instructions have been satisfied
- Conducting a closing conference
- Receiving and disbursing funds
- Completing form documents and instruments selected by and in accordance with instructions of the parties to the transaction
The surety bond is not for your protection, but rather the public in any event that they will suffer any loss in their dealing with the closing agent.
Where can I get an Iowa Closing Agent Bond?
Surety1 can provide all your surety bond needs. Complete our easy to navigate, Free Online Application. One of our licensed agents will contact you with a no-obligation quote for the bond premium. If you wish to proceed, we would collect payment and have you sign any necessary paperwork. Your bond will be mailed to you through USPS Priority Mail. Overnight is available for an extra fee.
Application for the license must be done through the National Mortgage Licensing System (NMLS) website. Please prepare the following documents for submission:
- Application form (MU1)
- $500 for the License fee
- $100 for the Processing fee
- FBI Criminal Background Check
- Financial statements
- Registered agent information
- Bank account information for the company’s Trust accounts
- Certificate of Authority/Good Standing Certificate
- Formation documents
Surety1 has been issuing surety bonds since 2003. We service all 50 states and maintain an A+ rating from the Better Business Bureau for our excellent service.