Iowa Code Ann. § 535.8(1)(b) reads, in part:
“Loan” means a loan of money which is wholly or in part to be used for the purpose of purchasing real property which is a single-family or two-family dwelling occupied or to be occupied by the borrower…”
Upon further review of our Iowa Payment Reduction Fee Disclosure (Cx1906), it was decided that this document should only print when the loan has a payment reduction fee and when it is a 1-to-2 family borrower-occupied property.
This document will now only print when:
- Borrower Paid Discount Point Indicator = Yes
- Document Package Type = Initial Disclosure
- Heloc = No
- State Code = Iowa
- Base Type = Conventional
- Occupancy = Primary Residence or Second Home
- Property Type = All EXCEPT “3+ unit”
These changes will take effect on January 9, 2016. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584
DR 190291