Best Mortgage Brokers in Sioux City


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License Verified:

License: 1816421

Nationwide Multistate Licensing System and Registry

Affiliated Mortgage

2920 W Main St #2, Sioux City, IA 57702
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  • New Construction
  • Refinance

Business Description

Affiliated Mortgage is a brokerage firm that has been serving customers in Sioux City for over 18 years. It offers loan options for clients planning to purchase new properties or refinance existing mortgages. Its loan types include FHA, VA, jumbo, and USDA with 15-year fixed, 30-year fixed, and adjustable rates. Affiliated Mortgage also assists seniors who want to enjoy their retirement with Home Equity Conversion Mortgage. Its branch manager, Troy Trombetta, has been in the mortgage industry since 2005.

License Verified:

License: 1816421

Nationwide Multistate Licensing System and Registry


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Frequently Asked Questions

Do mortgage brokers need to be licensed?

Yes, all mortgage brokers need to be licensed. Individuals need to complete a 20-hour class that goes over state and federal laws for mortgages and other important information. Next, individuals take the official test with the National Mortgage Licensure System.

Is it difficult to pass the mortgage brokers’ test?

Upon completion of educational requirements, you must pass the mortgage broker test to receive your license. It's a two-part test called the Safe Mortgage Loan Originator Exam, and it can be a bit challenging. Out of almost 87,600 national test-takers, 57% passed on their first attempt. The test includes both a state and national portion and requires a minimum score of 75% to pass.

What is a surety bond for mortgage brokers?

A surety bond is a legal contract that binds three parties — the obligee, the principal, and the surety. Surety bonds are typically required to receive a license for operating as a mortgage broker. When a mortgage broker gets a surety bond, it's a legal guarantee they'll perform their obligations to their customers as required by law.

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