Iowa Origination Reference Guide
- Kacey Olson
Owned by Kacey Olson
| Citation | Topic | Requirement |
| Alternative and Reverse Annuity Mortgage Loan Act / Iowa Code Ann. §528.5(1) | Alternative Mortgage Disclosure | A financial institution that offers or makes an alternative mortgage loan shall include in any disclosure of the rates or availability of mortgage loans, the rates and availability of reverse annuity mortgages or graduated payment mortgage loans, if and when such loans are offered. A prospective mortgage loan applicant shall have the choice of applying for a mortgage loan or any type of alternative mortgage loan offered by the financial institution. |
Commitment Letter or Credit Agreement | A borrower may be charged by a lender, in connection with a loan made pursuant to a written agreement executed by the borrower, or in connection with a loan made pursuant to a written commitment by the lender mailed or delivered to the borrower, a loan origination or processing fee, a broker fee, or both, which together do not exceed 2% of an amount which is equal to the loan principal. | |
| Money and Interest / Iowa Code Ann §535.10(4) | Interest on Home Equity Lines of Credit | The interest rate on a home equity line of credit may not exceed 1 3/4% per month. |
| Money and Interest / Iowa Code Ann. §535.8(5) | Interest Reduction Fee Disclosure | In connection with a loan secured by a 1- or 2-family owner-occupied dwelling, a lender may agree to reduce the rate of interest on a loan, (thereby decreasing the borrower's payments) in exchange for the payment of a payment reduction fee. Prior to accepting an application for a loan which includes a payment reduction fee, the lender must provide the potential borrower with a written disclosure describing in plain language the specific terms which the loan would have both with the payment reduction fee and without it. This disclosure must include a good faith example showing the amount of the payment reduction fee and the reduction in payments which would result from the payment of this fee in a typical loan transaction. |
| Money and Interest / Iowa Code Ann. §535.17 | Iowa "Read Before Signing" Disclaimer | A notification referred to in subsection 2 in the following form in boldface, ten point type, complies with the requirements of this section: IMPORTANT: READ BEFORE SIGNING. The terms of this agreement should be read carefully because only those terms in writing are enforceable. No other terms or oral promises not contained in this written contract may be legally enforced. You may change the terms of this agreement only by another written agreement. |
| Secure and Fair Enforcement for Mortgage Licensing Act / Iowa Code Ann. §535D.19 | NMLS Unique Identifier | The NMLS unique identifier of any person originating a residential mortgage loan must be clearly shown on all residential mortgage loan application forms, solicitations or advertisements, including business cards or internet web sites, and on any other documents as established by the Superintendent. |