| Iowa Summary |
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Loan
Originator Licensing
Iowa requires
application via the Nationwide Mortgage Licensing System (NMLS). You can go to
http://www.stateregulatoryregistry.org/AM/Template.cfm?Section=Navigation_Guide and
follow the instructions to create an account and submit your MU4 for loan
officer licensing. Once submitted, they will request additional information to
be sent to the state. Please send all information to the DirectLender Compliance Deparment to forward to the
state.
Branch Licensing
No branch licensing Requirements.
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Initial
Disclosures
Iowa - Anti-Coercion Insurance Disclosure
Iowa Loan Processing Fee Disclosure
Iowa Notice Of No Oral Agreements
Iowa Notice to Cosigner
Iowa Payment Reduction Fee Disclosure
Final Disclosures
Coming Soon
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| Refer
to Section 32 under Federal compliance.
Purchase Money Owner Occupied 1-2
units requires loan origination to be listed as processing
and is maxed at 2% (combined lender/broker). Max 1% Loan
origination when same lender is refinancing existing borrower’s
loan. No state specific max rate on 1st and closed end seconds.
HELOC Max APR 21% (1.75% per month).
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Permitted
but restricted. Lender may not receive an amount
higher then the interest rate applied to the remaining principal
balance at the time of pay off for the term the borrower
had use of the funds. PPP Prohibited on purchase money 1-2
unit Owner occupied.
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Permitted
Fees
Coming Soon
Prohibited Fees
Coming Soon
Late Charge Fees
Not state regulated. Maximum of 6%
of principal and interest after 15 days.
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Funding
Settlement
Dry State
Borrower Signing Requirements
Homestead rights. Non-owner spouses are
required to join in the security instrument, disclosures
and right to cancel or expressly waive any homestead rights
(on owner occupied properties) they may have. Signature
of both spouses required on mortgage. A warranty deed is
not acceptable because it does not waive the homestead rights
of the spouse.
Closing Customs
Attorney State. More details coming soon.
Real Estate Taxes
Taxes are due September 1st and March 1st.
Taxes are delinquent on September 30th and March 30th.
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Advertising
Record Retention
Coming Soon
Advertising Representation
Coming Soon
Telemarketing
Coming Soon
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Disclaimer:
This information is tailored for
DirectLender. It is deemed reliable but not guaranteed.
It is not intended as legal advice, and should not be relied
upon as such. The laws, policies, and references cited change
periodically.
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