State Guides
What brokers and loan officers should know about closings and property rules in Iowa, and how Hancock Processing works your files there.
Iowa has its own system. Title insurance can't be sold in Iowa, so title runs through the abstract-attorney system: an abstractor brings the abstract of title up to date, and an Iowa attorney examines it and issues a written title opinion before closing. Closings are customarily handled by an attorney or an Iowa-based escrow company.
No. Iowa is not a community property state, but Iowa law says a mortgage on a married owner's homestead isn't valid until the owner's spouse signs it, with exceptions that include a purchase-money mortgage. A refinance usually isn't a purchase-money mortgage.
In place of title insurance, Iowa offers title coverage through Iowa Title Guaranty, a division of the Iowa Finance Authority. Before it issues a guaranty, the abstract must be brought up to date and certified by a participating abstractor, and a participating attorney must issue a title opinion.
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Iowa
All of them. We process every loan type we offer in Iowa, including conventional, FHA, VA, USDA, jumbo, Non-QM and DSCR loans, from Des Moines and Cedar Rapids to the Quad Cities and Sioux City.
Yes. We process loans statewide in Iowa and coordinate with the attorney or escrow company handling each closing.
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