Oct. 31, 2024

ABSTRACTING

A government-maintained and controlled database is not considered a title plant for ITG purposes.

TITLE EXAMINATION

When rendering title on a refinance transaction wherein a participating abstractor Form 900/Form 901 is utilized, if you provide an ITG supplied attorney certification in lieu of a title opinion, ensure the most recent form is used and is completed in its entirety. Amendments to the ITG supplied attorney certification form must not be made without approval by ITG. The attorney certifications may be located on the Iowa Title Guaranty Resources web page under Residential Forms. 

COMMITMENT ISSUANCE

Exceptions to coverage must always be entered in Schedule B, Part II. Exceptions to coverage must never only be entered in the Notes and/or Instructions section.

Exceptions often include, but are not limited to, the following:

• Rights or claims of parties in possession not shown by the Public Records.

• Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be disclosed by an accurate and   complete land survey of the Land.

• Easements, or claims of easements, not shown by the Public Records.

• Any lien, or right to a lien, for services, labor, or material heretofore or hereafter furnished, imposed by law and not shown by the Public Records.

• Taxes or special assessments which are not shown as existing liens by the Public Records.

• City and county ordinances and regulations. 

• Declarations of covenants, conditions and restrictions.

• Homeowner Association declarations.

• Cost-sharing and maintenance agreements.

• Easements and encroachments.

• Subdivision plats or plats of survey.

• Mineral interest reservations.

• Development agreements.

CERTIFICATE ISSUANCE

Titleholder(s) Tenancy: Select the tenancy of the current titleholder(s) exactly as it appears on the vesting deed or final title opinion. 

Select the following when the vesting deed or final title opinion shows multiple titleholders and clearly states this exact tenancy for all titleholders:

• As joint tenants with full rights of survivorship and not as tenants in common.

Select the following when the vesting deed or final title opinion shows multiple titleholders and clearly states this exact tenancy for all titleholders:

• As tenants in common.

Select the following when the vesting deed or final title opinion shows multiple titleholders, but the exact tenancy for all titleholders is not provided:

• Unknown. If tenancy is not known, the following note will appear on Schedule A: ITG does not purport to guarantee whether the above parties hold title as joint tenants with full rights of survivorship and not as tenants in common or as tenants in common.

Select the following when the vesting deed or final title opinion shows only one titleholder:

• Other (always leave the field next to this option blank)

CLOSING PROTECTION LETTER

When preparing a closing disclosure or settlement statement, an ITG participant shall only charge premiums for certificates, endorsements and closing protection letters in accordance with the rates promulgated by ITG. An ITG participant may not charge any other fee for preparing, issuing, or cancelling an Iowa Title Guaranty commitment, certificate, endorsement or closing protection letter.

ITG STAFF SPOTLIGHT

Residential Compliance Officers

Emily Stokes; emily.stokes@iowafinance.com; 515.452.0456

Julie Frye; julie.frye@iowafinance.com; 515.452.0476

Mary Brucker; mary.brucker@iowafinance.com ; 515.452.0462 

ITG compliance officers assist in field issuing training of participants and staff and evaluate CPL participant’s procedures to verify compliance with ITG rules, guidelines, and directives. Compliance officers also conduct participant audits for all ITG services.