Iowa Admin. Code r. 191-5.54
Current through Register Vol. 47, No. 5, August 21, 2024
Rule 191-5.54 - Additional information required(1) Reporting financial institutions shall file with the commissioner on or before March 15 of each year Disclosure Form B or a form similar thereto the following additional information with respect to loans for the purchase of residential property made during the preceding year:a. The number of loans approved at each of the following percentages of the appraised value of the property used as security for the loan: (2) 60 percent to 69 percent(3) 70 percent to 79 percent(4) 80 percent to 89 percentb. The number of loans approved for each of the following amortization periods:c. The number of loans made at each interest rate charged.(2) Reporting financial institutions are not required to file the additional information required by subrule 5.54(1) for any loan guaranteed in whole or part under any program of the United States or any of its agencies or instrumentalities, if:a. The reporting financial institution made a written loan commitment for the loan at the maximum rate of interest permitted under the program at the time of the commitment, andb. The amortization period for a loan is the maximum period permitted under the program or a shorter period established in response to a request initiated solely by the borrower, andc. The loan is made at the maximum percentage of appraised value of the property permitted under the program or for the total amount which the borrower desired to borrow, andd. The reporting financial institution files with the commissioner on or before March 15 of each year its verified statement, signed by an officer of the reporting financial institution, that it has made loans under such a program and that it has filed the report required by this subrule for each such loan not exempted by this rule.Iowa Admin. Code r. 191-5.54
Amended by IAB March 10, 2021/Volume XLIII, Number 19, effective 4/14/2021