Iowa Administrative Code › Agency 187 - Banking Division › Chapter 18 - Mortgage Bankers, Mortgage Brokers, and Real Estate Closing Agents › Rule 187-18.22 - Closing Standards

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A
			 closing agent shall read and comply with all closing instructions from the
			 parties to the transaction.
(2) A
			 closing agent shall disburse or deliver funds only in accordance with closing
			 instructions from the lender, the attorney's title opinion or title commitment,
			 and the real estate purchase agreement, when applicable. All disbursements
			 shall agree with the final signed closing disclosure.
(3) A closing agent shall obtain written
			 payoff statements for any loan being paid off as part of the real estate
			 transaction and shall make all loan payoffs as soon after the closing as is
			 practical, but in no event more than two business days after the closing, or
			 within one business day after the rescission period ends in the case of a
			 refinance transaction. For the purposes of this rule, placing the loan payoffs
			 with a delivery service for overnight delivery shall meet the requirements of
			 this subrule.
(4) A closing agent
			 shall be responsible for ensuring that all documents for the real estate
			 transaction that require recording are recorded with the appropriate county
			 recorder's office in a timely manner, but in no event more than five business
			 days after the date of the transaction.
(5) A closing agent shall maintain a closing
			 register and a closing index. A closing register is a chronological list of
			 real estate closings. The closing register shall include for each closing the
			 date of the transaction, the name of the buyer or borrower, the name of the
			 seller, the name of the lender and the mortgage loan originator, and the
			 property address, as applicable. A closing index shall be maintained so that
			 all records are accessible by the names of the parties to the transaction
			 (including the name of the buyer or borrower, the name of the seller, and the
			 name of the mortgage loan originator) and file number. A searchable database
			 containing the information required by this subrule satisfies the requirements
			 of this subrule.
(6) A closing
			 agent shall maintain a closing file for each real estate transaction for which
			 the closing agent performed real estate closing services. The closing file
			 shall include, at a minimum, the following records:
a. An accounting ledger or disbursement sheet
			 that details all receipts and disbursements with date, transaction type, check
			 number, payee, amount, and the file's ending balance. All ledger or
			 disbursement sheets shall balance zero after the transaction is completed. If
			 any balance remains, the date, the reason for the balance, and to whom the
			 balance belongs shall be clearly documented in the file.
b. A signed closing disclosure that totals
			 properly and is supported by written instructions for all amounts (such as
			 closing instructions, invoices, or written payoffs). If the closing disclosure
			 requires changes, a copy of the new closing disclosure with changes clearly
			 documented shall be maintained in the file.
c. A copy of the closing instructions from
			 the lender and other parties to the transaction.
d. A copy of the signed real estate contract,
			 if applicable.
e. Detailed records
			 of the individuals present at each closing and specifying where and when each
			 closing is held.
f. Properly
			 executed affidavits, where required.
g. Evidence that the real estate transaction
			 documents were filed with the county recorder.