Any person who is not a party to the real estate transaction that provides real estate closing services is required to obtain a license with the Iowa Division of Banking. Part of the license application includes submitting a $25,000 surety bond. Below is a list of closing services that would request a license:
- Preparing Settlement Statements
- Confirming all closing documents conform to the parties’ contract requirements
- Ascertaining that the lender’s instructions have been satisfied
- Receiving and disbursing funds
- Conducting a closing conference
- Completing form documents and instruments selected by and in accordance with instructions of the parties to the transaction
Notary functions are not part of the real estate closing services where a license is needed. The new Electronic surety bonds (ESB) are filed through the Nationwide Multistate Licensing System (NMLS) portal. Existing closing agents will need to have their current bonds converted in the system to meet new requirements.
Pacific Surety offers industry low rates and can obtain approvals for almost all credit situations. Once our simple application has been completed, we can have pricing to you within hours. If you have any specific questions, please contact our knowledgeable underwriting staff.