Iowa Title Guaranty Compliance Snippets
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Short form abstracting products (e.g., Form 900, Form 901, Pre-Closing Search Certification, Post-Closing Search Certification) used for issuance of ITG coverage must include an unabbreviated complete legal description.
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Iowa Code § 16.91(6) and the ITG participation agreement provide that a field issuer shall only issue a certificate or endorsement when it is based upon a final abstract continuation, Form 901, or post-closing search (as applicable) prepared by a participating abstractor and a final title opinion or attorney certification (as applicable) prepared by a participating attorney, subject to Iowa Admin. Code rule 265—9.7(2)"b".
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Each preparer of commitments and/or certificates must use their own CAP login credentials. Staff members are not permitted to use shared CAP login credentials.
A Participant may create a CAP login for a staff member as follows:
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- Log into the participant record of the attorney or legal entity with whom the staff member is associated.
- Click on the Associations Tab of the attorney/legal entity.
- Click on the +Create User and complete the required fields.
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- Assign a unique username (not case sensitive).
- Assign a password (case sensitive).
- Select ACTIVE status in dropdown menu.
- Click on ADMIN or STAFF (see information icon for user roles).
- If the Participant is an approved Field Issuer, the field issuer button will be auto checked for all staff.
- To allow access to the E-Payment portal, click on Participant Payer (typically only authorized for a Participant Admin).
- If the staff member will be a Payer only (not preparing commitments/certificates), click on Staff and Participant Payer and uncheck the Field Issuer button.
- Click on SAVE.
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The inclusion of a marital status recitation on all conveyance documents executed by an individual(s), including, but not limited to, deeds and mortgages, is required by Schedule B, Part I of the ITG commitment, Iowa Code § 561.13, and Iowa Land Title Standard 5.3.
Therefore, prior to the issuance of a certificate, the field issuer must confirm that the guaranteed mortgage includes a satisfactory marital status recitation for each individual mortgagor. The marital status recitation must appear in the body of the mortgage, typically in the “Borrower” section, or the notary public may enter it in the notary acknowledgment.
Examples of satisfactory marital recitations:
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- John Doe and Jane Doe, husband and wife
- John Doe and Jane Doe, a married couple
- John Doe and Jane Doe, married to each other
- John Doe, a single person
- Jane Doe, unmarried
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Examples of unsatisfactory marital recitations:
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- John Doe and Jane Doe, married
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John Doe, married and Jane Doe, married
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If the guaranteed mortgage does not include a satisfactory marital status recitation or the marital status recitation is omitted, then one of the following corrective measures is acceptable so long as all titleholders and all spouses of titleholders, if any, executed the guaranteed mortgage.
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Affidavit Explanatory of Title - attesting to the mortgagor(s) marital status at the time of the execution of the mortgage. OR
- Corrective Mortgage - adding the mortgagor(s) marital status at the time of the execution.
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Once the corrective document has been filed of record then the field issuer may proceed with the issuance of the certificate and will enter all mortgagor names and their satisfactory marital status recitation shown in the corrective document in the Schedule A Mortgage Phrase.
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CLOSING PROTECTION LETTER |
The closer must confirm that the payoff statement for a mortgage requiring a release and satisfaction includes all the following information:
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- LENDER NAME: Name of the lender supplying the payoff.
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PROPERTY DESCRIPTION: Street address or legal description matching the subject property.
- UNPAID BALANCE: The total amount required to be paid to release the mortgage.
- GOOD THROUGH DATE: The date through which the payoff amount is calculated.
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STATEMENT OF INTENT TO RELEASE: Release fee collection or statement that the mortgage will be released upon payment in full.
- PAYMENT ADDRESS: Street address to send payment to or other specific instructions for remitting payment.
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Rachel Pettit; rachel.pettit@iowafinance.com; 515.452.0478
Rachel utilizes her 20+ years of real estate title clearance and closing experience to effectively manage the residential production and compliance operations for Iowa Title Guaranty.
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