Bulletin: IN2014002

Dear Associates: 

Indiana Code 27-7-3-15.5 requires closing agents to enter licensing and other information into the Indiana Department of Insurance Residential Real Estate Acquisition and Licensee Information & Numbers Database (RREAL IN database) following the completion of a closing on property taxed as residential or upon which a residential dwelling is or is to be located. The database can be accessed at http://in.gov/apps/in_rreal/Login.aspx. The purpose of this bulletin is to clarify the type of residential transactions required to be reported into the database under Indiana Code 27-7-3-15.5. The following residential property transactions must be reported:

1)     First lien purchase money mortgage (includes consumer construction)

2)     Refinance

3)     Cash transaction

4)     Land contract

5)     Reverse mortgage

6)     Home equity

7)     Subordinate mortgage

8)     Business or commercial loan secured by residential property

The Indiana Department of Insurance has indicated that reporting is not required for any amendment, restatement or modification of mortgage and that reporting is still required if no title insurance policy is issued for the transaction. The law requires that this information be entered into the database as soon as possible after closing. The IDOI has determined that a reasonable reporting time is within ten (10) days of the date of closing but no later than fifteen (15) days if closing agent is waiting on additional information. If a closing agent has not received all the necessary information required to be entered within this time period, the IDOI has indicated that the closing agent should submit the information as is without further delay in order to comply with the law. 

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