Iowa Admin. Code r. 187-18.22 - Closing standards
(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.
Notes
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