Other than reading the Iowa Admin Code...anyone have a good resource for what goes in the "basket" and what does not? It looks to me as though the title opinion is the only trigger left.

There's a dated post on title opinions in this forum that talks about court cases and loans sold within 90 days. I'd love more info on that. The code talks about in transit loans for reserving purposes, but...I guess I always thought that loans made for sale were exempt from being in the basket at all.

Has it changed or can you still put residential 1st REMs in excess of 90% in there as well?

Not sure what 'basket' you're talking about. I'm in Wisconsin but do a lot of mortgages for Iowa community banks. I have some info on title insurance for Iowa property. PM me if you'd like me to email you a copy. It is dated but still in full force and effect.

State chartered banks are subject to an Iowa law requiring them to segregate certain real estate loans, compare to capital and report to the BOD. Previously, there were 6-8 ways to get into this basket. (Yes, they call it a basket.) Looks like the "lack of a title opinion" trigger is still in place. No luck googling about the loans to be sold. And, it's never come up in an exam, so.......

Hi Cornfed,

Wondering what you found out on this? I also read the current Iowa law as only requiring evidence of title for the basket/exception list.

Yup - - - just the lack of that final TO. Gotta stay on those attys!