§ 535B.24 — Financial condition

Iowa § 535B.24

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 535B: MORTGAGE BANKERS, MORTGAGE BROKERS, AND CLOSING AGENTS

Text

1. This section shall not apply to servicers that solely own or conduct servicing on reverse
annuity mortgage loans, or to the reverse annuity mortgage loan portfolio administered by a
covered institution.
2. Acoveredinstitutionshallmaintaincapitalandliquidityincompliancewiththissection,
and all financial data shall be determined in accordance with generally accepted accounting
principles.
3. A covered institution may satisfy subsection 2 by complying with the capital, net worth
ratio, and liquidity standards of the federal housing finance agency’s eligibility requirements
forenterprisesingle-familysellersorservicers,regardlessofwhethertheservicerisapproved
for government-sponsored enterprise servicing.
4. A covered institution shall maintain the written policies and procedures necessary to
implement the capital, operating liquidity, and servicing liquidity requirements under this
section. The policies and procedures must include a sustainable written methodology to
comply with subsection 3, and shall be made available to the administrator upon request.
5. a. A covered institution shall maintain sufficient allowable assets for operating
liquidity, in addition to the amounts required for servicing liquidity, to sustain normal
business operations.
b. The covered institution shall develop, establish, and implement written plans, policies,
and procedures, using sustainable documented methodologies, to maintain operating
liquidity. The policies and procedures shall be made available to the administrator upon
request.
6. A covered institution shall have a sound written cash management plan and a sound
written business operating plan commensurate with the complexity of the covered institution
that ensures normal business operations.