An operations lead needs Iowa state regulatory guidance for a mortgage banker license. Which agency lists mortgage banker and mortgage broker licenses among the license types it regulates?
Correct Answer
B) Iowa Division of Banking
B. The Iowa Division of Banking identifies these mortgage license types as within its remit. The Division's license-verification page lists mortgage bankers and brokers. It directs consumers to NMLS Consumer Access for public company and individual license searches. Scope and exceptions: Identifying the regulator does not establish that a specific entity is licensed or exempt. Check the applicable license category and current status; a general NMLS record alone is not a determination of Iowa authority. Source: License Types Regulated by the IDOB; License Search — https://idob.iowa.gov/finance/finance-license-verification
Why This Is the Correct Answer
B. The Iowa Division of Banking identifies these mortgage license types as within its remit. The Division's license-verification page lists mortgage bankers and brokers. It directs consumers to NMLS Consumer Access for public company and individual license searches. Scope and exceptions: Identifying the regulator does not establish that a specific entity is licensed or exempt. Check the applicable license category and current status; a general NMLS record alone is not a determination of Iowa authority.
Why the Other Options Are Wrong
Option A: Iowa Real Estate Commission
Real estate professional licensing is a different function.
Option C: Iowa Insurance Division
Insurance regulation is not the identified mortgage licensing function.
Option D: The county property assessor
Property assessment is not mortgage professional licensing.
Exam Tip
Start with the correct state regulator, then verify the specific authorization.
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