Historically low interest rates and associated closing volume are driving increased lender demand for ITG closing protection letters (CPLs). As a result, many ITG participants have expressed interest in offering CPL services and seek guidance on how to get started.
In response, ITG has prepared a CPL Manual to provide guidance on the obligations of a CPL closer.
The CPL Manual covers the following topics:
- What is a CPL?
- How much does a CPL cost?
- General CPL Rules
- Who can issue a CPL?
- Eligibility Considerations
- Minimum Requirements by Closer Type
- Where do I apply to become a participating ITG closer?
- General Compliance Requirements
- Overview of the CPL Closer Obligations
- Pre-Closing Obligations
- Closing Obligations
- Post-Closing Obligations
Please be advised that the CPL Manual is not intended to be an exhaustive list of ITG rules, directives, and guidelines, nor shall it be construed as legal advice. Should you have any questions regarding closing or title clearing in Iowa, please consult with an ITG participating attorney.