January 28, 2025

As part of a statewide initiative for all state agencies to adopt a unified brand, ITG has an updated logo and redesigned forms.

Both the Pre-Closing Search Certification and Post-Closing Search Certification template forms provided by ITG have a fresh new look. All current versions (June 2023) of the ITG Pre-Closing and Post-Closing search certification forms regardless of logo, or a participating abstractor’s own form that is substantively similar, may be used.

ITG does not require buyer searches if the guaranteed mortgage meets the definition of a purchase money mortgage as defined by Iowa Code § 654.12B and the guaranteed mortgage includes a recitation that it is a purchase money mortgage.

If the guaranteed mortgage does not qualify as a purchase money mortgage, ITG requires an abstract continuation or title search which includes a ten-year judgment lien search on all titleholders. A participating abstractor must perform the search.

ITG defines mixed-use property as property with a residential dwelling that is also used for agricultural or commercial activity. Mixed-use properties are not Form 900 eligible; therefore, the field issuer must review the Assessor’s page and GIS map to determine whether evidence of mixed-use exists prior to the use of a Form 900.

In rural Iowa, many residential properties contain pre-existing agricultural or commercial outbuildings that appear to evidence mixed-use but are in fact no longer being used for an agricultural or commercial purpose. Consequently, ITG has created an ITG Affidavit of No Agricultural or Commercial-Use to be completed and signed by all titleholders to be eligible for the use of Form 900/901 in these circumstances.

A lender certificate may be amended post-issuance to add an endorsement expressly requested by the lender provided that the field issuer has confirmed all endorsement requirements have been met prior to its issuance.

A closing protection letter (“CPL”) is a contract between ITG and the guaranteed lender. Pursuant to the terms of the CPL, ITG agrees to indemnify the lender or prospective buyers for actual losses caused by certain types of closing agent misconduct, including the CPL closer’s failure to abide by the lender’s written closing instructions as they relate to establishing title or fraud, theft, dishonesty, or misappropriation by the CPL closer.

Due to the increased coverage risk associated with a CPL, a Participant must only issue a CPL when it is expressly requested by the guaranteed lender or prospective buyers.

Kim Axtell; kim.axtell@iowafinance.com; 515.452.0486

Kim celebrated her 35th Anniversary with the Iowa Finance Authority this month! Kim is responsible for responding to certificate requests and a variety of general inquiries that are received in the titleguaranty@iowafinance.com inbox. Kim also assists the ITG Production, Compliance and Claims departments.

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