Iowa Servicing Reference Guide
- Kacey Olson (Unlicensed)
Owned by Kacey Olson (Unlicensed)
| Citation | Topic | Requirement |
| Judicial Procedure / Iowa Code Ann. §654.4B(1) | Acceleration of Indebtedness Notice | Prior to commencing a foreclosure on the accelerated balance of a mortgage loan and after termination of any applicable cure period, a creditor must provide the borrower a 14-day demand for payment of the accelerated balance to qualify for an award of attorney fees under Iowa Code Ann. §625.25 on the accelerated balance. |
| Mortgage Bankers and Brokers Act / Iowa Code Ann. §535B.11(3) | Annual Escrow Account Analysis | A clear and legible copy of the yearly analysis must be promptly mailed to the mortgagor. If there is a change in the payment amount, the analysis must be mailed at least twenty days before the effective date of the change. |
| Judicial Procedure / Iowa Code Ann. §654.18(1) | Disclosure and Notice of Cancellation | Used on a non-judicial foreclosure when mutually agreed in writing. |
| Money and Interest / Iowa Code Ann. §535.10(5) | Foreclosure | Real estate which is the consumer's principal dwelling shall not be subject to foreclosure when the balance secured is $2000 or less. |
| Judicial Procedure / Iowa Code Ann. §654.4B(2) | Mortgage Mediation Notice | Prior to filing a petition on a 1- or 2-family dwelling that is the residence of the owner, the creditor must inform the owner of the availability of counseling and mediation. Note that per the state attorney general’s office, this form must be printed in color. The notice must be mailed by ordinary mail to the owner along with the notice of acceleration or other initial communication from the attorney representing the creditor in the action, and must also be served on the owner with the original notice and petition seeking foreclosure. |
| Judicial Procedure / Iowa Code Ann. §654.15 | Notice of Pending Foreclosure | A ender may serve a judgment creditor in a foreclosure action with notice advising the creditor that the property that is the subject of the foreclosure action shall be foreclosed and describing the creditor's interest in the action and that unless such creditor intervenes in the foreclosure action such creditor shall lose the creditor's interest in the mortgaged property. Unless the creditor intervenes within thirty days of the service of notice, the court may adjudicate the creditor's rights against the property as if the creditor had been added as a defendant and default had been entered against the defendant. If a creditor cannot be located for personal service, the plaintiff may, at any time prior to sixty days before the date of trial, amend the petition as a matter of right to add the creditor as a defendant for service by publication as provided by rule. |
| Judicial Procedure / Iowa Code Ann. §654.2D(4) | Notice of Right to Cure Default | The creditor may not accelerate the maturity of the unpaid balance of the obligation, demand or otherwise take possession of the land, other than by accepting a voluntary surrender of it, or otherwise attempt to enforce the obligation until 30 days after a proper notice of right to cure is given. |
Notice of Sale | Notice of the sale must also be posted in at least 3 public places of the county, one of which must be at the county courthouse. In addition, there must be 2 weekly publications of the notice in some newspaper printed in the county. The first publication must be at least 4 weeks prior to the date of sale and the second at a later time prior to the date of sale. | |
| Iowa Code Ann. §535B.11(7) | Transfer of Servicing Notice | When the servicing of a mortgage loan is transferred, sold, purchased, or accepted by a licensee or registrant, the licensee or registrant who is transferring or selling the servicing must issue to the mortgagor, within 15 calendar days prior to the effective date of the transfer, a notice. |