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Sept. 3, 2024

Iowa Title Guaranty Compliance Snippets

ITG MONTHLY WEBINAR | HOUSINGIOWA CONFERENCE


ITG will forgo its monthly webinar in September due to the 2024 HousingIowa Conference happening at the Iowa Events Center in Des Moines, September 4-5. Iowa Title Guaranty will be hosting several Breakout Sessions at this year’s conference. Registration is still open and is available here.

ABSTRACTING


ITG Minimum Abstract Standards require all abstract products used in the issuance of ITG products to certify to the following information:

1. The property searched (full legal description required).

2. The parties searched. 

3. The time period searched, including “from” and “to” dates and times, with no time gaps between certifications.

TITLE EXAMINATION


When an ITG examining attorney is asked to either prepare or approve an affidavit to be filed for clearance of a title exception which attests that an amount owed is current, they must keep in mind that ITG requires that the paid current date shown is through the expected filing date of the guaranteed mortgage and/or deed.

COMMITMENT ISSUANCE


A marital status recitation must not be entered in the Proposed Titleholder(s), Mortgagor(s) or Current Titleholder(s) fields in the General Info tab.

CERTIFICATE ISSUANCE


The field issuer must not add a certificate in CAP until they have thoroughly reviewed the final title examination to verify that title is correctly vested and the mortgage to be guaranteed is in its expected lien position, if applicable. The field issuer must also verify that all affirmative disclosures on the Composite Mortgage Affidavit(s) have been cleared to the examining attorney’s satisfaction prior to creating a certificate. This pre-issuance verification process will help avoid a certificate from remaining in pending status until an outstanding title objection is resolved.

CLOSING PROTECTION LETTER


If a CPL closer suspects fraud on a CPL covered transaction, they must immediately notify ITG as part of their fraud response procedure. 

Please contact the Iowa Title Guaranty team with any questions.