Iowa Title Guaranty Compliance Snippets
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A recent study conducted on behalf of the American Land Title Association found that fraud and forgery represent 40% of claim losses arising out of refinance transactions. The study can be found here.
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When providing short form abstracting products relied upon for the issuance of ITG coverage which contain entries that are not fully abstracted pursuant to ILTA Blue Book standards (e.g. Pre-Closing Search Certification and Post-Closing Search Certification), the abstractor must attach a complete copy of the referenced document for the title examiner to review.
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All title opinions and attorney certifications relied upon for the issuance of ITG coverage must include the attorney’s ITG participant number. If the participant number is not reflected on the title opinion or attorney certification, the field issuer may not issue ITG coverage using the opinion or certification. Iowa attorneys create different variations of title opinions, and the omission of their participant number from a title opinion signals that they do not intend that version to be used for ITG purposes. The inclusion of the ITG participant number serves as the preparer’s acknowledgment that the product is prepared in accordance with all ITG rules, guidelines, and directives.
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Schedule B, Part II – Notes and Information. In this section, the field issuer may add any information that is requested by the lender but is not guaranteed by the commitment or certificate. The two most common items are chain of title information and tax parcel numbers and amounts.
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Chain of Title: The following conveyances, recorded in the {county recorder} County, Iowa Recorder’s Office, evidence a 24 month chain of title: (a) {conveyance document} from {grantor(s)} to {grantee(s)} dated {execution date}, filed {recording date} at {book/page; inst. no.}; (b) {conveyance document} from {grantor(s)} to {grantee(s)} dated {execution date}, filed {recording date} at {book/page; inst. no.}.
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Taxes – Amounts: Taxes are payable in two semi-annual installments of {tax installment amount} per installment. This property is referenced as Parcel No. {tax id number}.
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Please note that this section does not appear in the Certificate. Therefore, any information contained must be strictly informational and not effect the status of title.
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Titleholder(s) Tenancy: Select the tenancy of the current titleholder(s) exactly as it appears on the vesting deed or final title opinion.
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- Select the following when the vesting deed or final title opinion shows multiple titleholders and clearly states this exact tenancy for all titleholders:
- as joint tenants with full rights of survivorship and not as tenants in common.
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Select the following when the vesting deed or final title opinion shows multiple titleholders and clearly states this exact tenancy for all titleholders:
- Select the following when the vesting deed or final title opinion shows multiple titleholders, but the exact tenancy for all titleholders is not provided:
- Unknown. If tenancy is not known, the following note will appear on Schedule A: ITG does not purport to guarantee whether the above parties hold title as joint tenants with full rights of survivorship and not as tenants in common or as tenants in common.
- Select the following when the vesting deed or final title opinion shows only one titleholder:
- Other (always leave the field next to this option blank)
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CLOSING PROTECTION LETTER |
Pursuant to Iowa Code § 655.1, if a mortgage secures a revolving line of credit, future advances, or other future obligations, the mortgagee is not required to file a satisfaction upon payment in full unless the mortgagor makes a written request to the mortgagee that the mortgage be released. Accordingly, when submitting payment in full for these types of mortgages, the closer is required to deliver a borrower signed request to close the account and release the mortgage to the lender. If payment is made via wire, then the closer must separately deliver the borrower signed request to the lender. ITG recommends that closers implement a uniform policy to send a borrower signed request with all lender payoffs and retain a copy along with proof of delivery.
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ITG STAFF SPOTLIGHT- Legal Counsel |
Laura Skogman; laura.skogman@iowafinance.com; 515.452.0479
Laura is the contact for everything related to your Participant information in CAP. If your question is not answered in ITG’s FAQs under the ITG PARTICIPANT & STAFF tab on the Resource Desk, please reach out to Laura for assistance.
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