Iowa Guidelines

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Specific to Iowa state guidelines, the lender must pay the cost of the title insurance policy, since Iowa law allows a lender to impose only a limited number of fees upon a borrower.  Iowa amended its definition of lender to include any party that provides services in connection with a loan transaction, so title insurers now fall within the lender definition.  If the lender obtains an Iowa title guaranty, that charge could be imposed on the borrower.   The Iowa Legislature created Iowa Title Guaranty to provide guarantees of Iowa real property titles, facilitate mortgage lenders’ participation in the secondary market and to help assure the integrity of Iowa’s land-title system. Iowa Title Guaranty’s profits are re-invested in the state of Iowa.

http://iowafinanceauthority.gov/IADD/

The link will provide you the contact information on who you would open the order with if you find that facilitating the closing with the Iowa Title Guaranty is a more favorable solution for your borrowers.

The 411 on Manufactured Homes

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Have you ever had a potential borrower approach you about taking a loan on their manufactured home? Here’s what you need to know about these types of properties. A manufactured home (formerly known as a mobile home) is built to the Manufactured Home Construction and Safety Standards according to HUD Code. The home must display a red certification label on the exterior of each transportable section. Manufactured homes are built in the controlled environment of a manufacturing plant and are transported in one or more sections on a permanent chassis.

A manufactured home is considered personal property, just like a vehicle. Once any loans against the manufactured home have been satisfied, an original title will be provided. Even if the loans against the home are paid, it will continue to be personal property until the proper steps to convert it to real property have been completed.

Converting Title

Process and guidelines vary by state. Conversion of title may be completed before or after closing, depending on lender or state regulations. The completion timeframe can vary depending on local or state guidelines. Fees may apply

-All liens must be satisfied in order to obtain original title. Conversion of title cannot begin without original title.

-Real property taxes may already be assessed and paid without the completion of the title conversion process.

-Here are HUD’s guidelines regarding manufactured homes:

-The home must have a floor area of no less than 400 square feet.

-The home must have been constructed on or after June 15, 1976.

-The home must be classified and taxed as real estate.

-The manufactured unit must not have been installed or occupied previously at any other site or location.

-The mortgage must cover both the manufactured unit and its site, and have a term of no more than 30 years from the date amortization begins.

-The finished grade elevation beneath the manufactured home—or if a basement is used, the lowest finished exterior grade adjacent to the perimeter enclosure—must be at or above the 100-year return frequency flood elevation. This requirement applies wherever manufactured homes may be installed, not just in locations designated by the National Flood Insurance Program as areas of special flood hazard.

-The home must have permanent utilities installed and be protected from freezing.

-The home must be permanently attached to the foundation.

-The towing hitch or running gear must be removed (including tongues, axles, brakes, wheels and lights). The chassis must stay in place. A chassis that has been removed from a manufactured unit is unacceptable.

-There must be a properly enclosed crawl space with a continuous, permanent foundation-type construction.

-The label (metal plate) number of the unit as shown on the Federal Manufactured Home Construction and Safety Standard Data Plate must be on the exterior of each home.

***The information above if for informational purposes only. The Company does not assume any liability or responsibility for the accuracy.***

The Art of Thankful Giving Dessert Reception & Benefit

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One of the benefits of being a part of the reverse mortgage industry is our ability to come together to support each other, and other organizations with the common goal of improving the lives of seniors. Each year we organize as an group to volunteer at a local charity before the start of the NRMLA Annual Conference. Members of our community will be volunteering their time in the morning and then we’ll shift our efforts towards fundraising during the evening event.

 

I would like to encourage you to join us in the Art of Thankful Giving Reception & Benefit on Sunday, November 12th as we gather in San Francisco. Reaching out within the community, particularly helping local seniors, has become something I look forward to every year.  It’s a special blessing to support the Curry Senior Center as we did two years ago.  Their need is so great and the seniors we meet are so appreciative, it is truly a heartwarming experience.  Working together, everyone doing their part, we can make a difference!

 

Below are the details for the Reverse Mortgage Industry Reception & Benefit. We hope you will join us for a fun evening!

The Art of Thankful Giving Dessert Reception & Benefit 
The Art of Thankful Giving: Supporting The Curry Senior Center – San Francisco

Sunday, November 12, 2017 
7:00 pm – 10:00 pm

Julia Morgan Ballroom (located 3 blocks from the Palace Hotel, San Francisco) 
465 California Street, San Francisco, CA 94104

CLICK HERE to learn more and RSVP

Charitable Giving

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The devastating fires of our surrounding areas continue to impact thousands of people and animals.  It’s often overwhelming to determine where to find information on how to help so  we did some research and found the following sites are great places to make donations for those who wish to help:

  • This Go Fund Me page seems to be very comprehensive and is verified. Donations can be made and they can spread it around or you can go directly to the sites listed: Go Fund Me Link

Animals charities are historically underfunded and assistance is greatly needed: These animal rescue sites are focusing their efforts on reuniting pets with families, healing and caring, fostering, sheltering, and supplies to keep up with demand:

Thank you,
ARS