IMA Prime Times e-Newsletter: October 2017 Iowa Mortgage Association

October 2017


President's Message

Association Updates

Industry News


Do your part to advocate for the mortgage industry
I am honored to serve as your Iowa Mortgage Association (IMA) president for the coming year. I would like to thank Vicki Davis for her leadership the past year. It was wonderful to see so many friends and new faces at the IMA Convention last week. Thank you to the sponsors and exhibitors that make the effort to bring us information on products and services we use in our daily operations. 

The IMA would love to hear your thoughts and ideas, please consider volunteering for a committee. Click here to view the committees, objectives and duties. We have seen many changes on a federal level to all of our businesses over the years. If you have not done so already, please consider signing up for the Mortgage Action Alliance (MAA). It is a voluntary, non-partisan and free nationwide grassroots lobbying network of real estate finance industry professionals. You are not required to be a member of the Mortgage Bankers Association (MBA) to join, and it is a good way to stay on top of the current issues that affect the industry and your business. 

I look forward to working with you over the next year.

Marcy A. Wagner
TitleCore National, LLC 


Left: IMA Conference Crashers mingle during the conference earlier this month. Right: 2016-17 IMA President Vicki Davis poses for a photo with keynote speaker Holly Hoffman. 

Leadership and being your best was the message at the IMA Convention
The Iowa Mortgage Association (IMA) held its annual fall convention and golf outing Oct. 2-4, in West Des Moines. This year's golf outing brought together 100 golfers for an 18-hole, four-person best shot tournament at Echo Valley Country Club in Norwalk. 
The convention officially started the next day at the West Des Moines Marriott Hotel with a session from Erik Therwanger from ThinkGreat focusing on how to discover your potential as a leader. Iowa Bankers Association Senior Compliance Coordinator Ronette Schlatter finished the morning with a session on mortgage compliance. Her session talked about hot topics including TRID and HMDA.

Following lunch, the IMA Board of Directors took the oath of office. The afternoon concluded with an inspiring message from Holly Hoffman about how her experiences on the television reality show, Survivor, taught her to never give up.

The second day of the IMA Convention started with the introduction of the Conference Crashers. For the second year in a row the IMA hosted mortgage professionals who are new to the business. This year, 12 mortgage professionals crashed the conference. They networked and engaged while learning more about the business. Their time at the conference concluded with a lunch with IMA board members. The event concluded with two presentations. John Abraham shared how he has learned to keep his business growing as a top mortgage originator. Jeff Korhan closed the conference talking about how to build a relationship with your sales process. 

Thank you to all the sponsors, exhibitors and attendees who made the convention a great success!

Sponsors  Exhibitors   
Arch MI
BB&T Correspondent Lending
Essent Guaranty, Inc.
Guild Mortgage Company
Home Point Financial
Iowa Finance Authority
Title Services Corporation 
Arch MI
Caliber Home Loans Correspondent
Ellie Mae
Essent Guaranty, Inc.
Factual Data
Guild Mortgage Company
Heartland Credit Restoration
Home Point Financial 
Iowa Bankers Mortgage
Iowa Finance Authority
Radian Guaranty
The Title Resource Network
US Bank Home Mortgage
US Department of Housing & Urban Development
USDA Rural Development
Vantage Point
West Gate Bank Mortgage  

Bosworth awarded IMA’s Mortgage Professional of the Year  
Jessica Bosworth of Midstates Bank in Missouri Valley was awarded the Mortgage Professional of the Year Award at the IMA Convention. Bosworth has shown a continued commitment to the industry through education and maintaining a high level of professional knowledge. She recently completed the American Bankers Association’s Mortgage Certificate and was selected by USDA Rural Development and Iowa Finance Authority as a representative for Realtor training. 

As a community member, she makes her mark through leadership and volunteerism. She is actively involved in a mentoring program at the local school and is a member of the Chamber of Commerce. 

Her nominating officer indicated, “She demonstrates commitment to her clients and community through exceptional customer service and unswerving loan growth. Feedback from customers reveals themes of enthusiasm, benevolence and altruism, with many clients praising her for allowing them to reach their dream of owning a home.”

IMA congratulates Bosworth for her commitment to the community and the customers she serves.

Pictured: Marcy Wagner presents Jessica Bosworth with the IMA Mortgage Professional of the Year Award. 


CFPB updates TRID resources
To support implementation of the recently issued 2017 TILA-RESPA Rule, the Consumer Financial Protection Bureau (CFPB) published an updated Small Entity Compliance Guide (Version 5) for the Know Before You Owe mortgage disclosure rule that incorporates amendments and clarifications included in the final rule issued July 7, 2017. Click here to read the updated guide. Shortly after the release of the final rule, the CFPB issued a
25-page detailed summary. As a reminder, the amendments to TRID became effective Oct. 10, 2017, with optional compliance until Oct. 1, 2018. On Oct. 1, 2018, compliance with the amendments becomes mandatory.

Timeline announced for implementation of Redesigned URLA
Fannie Mae and Freddie Mac
announced their implementation timelines for the redesigned Uniform Residential Loan Application (URLA) and related automated underwriting system specifications. Lenders may begin using the redesigned application form starting July 1, 2019, and will be required to use it beginning in February 2020. Fannie Mae indicated it will publish updated versions of the redesigned URLA, the Desktop Underwriter (DU) Specification and supporting documents by the end of 2017.

Fannie Mae and Freddie Mac also announced the release of a Demographic Information Addendum, which can be used immediately to aid compliance with the Home Mortgage Disclosure Act (HMDA) provisions effective January 1, 2018. These provisions require HMDA creditors to permit applicants the opportunity to self-select disaggregated ethnicity and race data. Creditors may begin using this version of the Demographic Information Addendum immediately with the current URLA and HMDA reporters will be required to start using the addendum on Jan. 1, 2018, in order to comply with Regulation C's revised collection and reporting requirements.

2016 HMDA data now available
The Federal Financial Institutions Examination Council (FFIEC) announced the availability of data on mortgage lending transactions at 6,762 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA) on Sept. 28. The data released includes disclosure statements for each financial institution, aggregate data for each MSA, nationwide summary statistics regarding lending patterns, and Loan/Application Registers (LARs) for each financial institution (LARs are modified to protect borrower privacy). The FFIEC prepares and distributes this information on behalf of its member agencies.

HMDA-reporters are reminded they are required to make their disclosure statements available to the public at their home office. For other MSAs in which financial institutions have offices, an institution must either make the disclosure statement available at one branch within each MSA or provide a copy upon receiving a written request. Click here to review financial institution disclosure statements, individual institutions’ LAR data, and MSA and nationwide aggregate reports.

CFPB proposes changes to publicly reported HMDA data 
The Consumer Financial Protection Bureau (CFPB) issued proposed guidance on privacy and consumer protection concerns regarding loan-level Home Mortgage Disclosure Act (HMDA) data. The issuance reveals how the CFPB will make available HMDA data to the public under the revised HMDA data collection rules, which take effect in January 2018.

In order to protect consumers’ privacy, while balancing the interest of the public who use HMDA data, the CFPB is proposing to not publicly disclose a number of data points, including the universal loan identifier, the application date, the date of action taken by the bank on a covered loan or application, the address of the property securing the loan, and the credit score or scores relied on in making the credit decision. In addition, the CFPB proposes adopting a policy that would reduce the precision of other sensitive values reported under several data fields, such as the amount of the covered loan applied for, the age of an applicant or borrower, or a borrower’s debt-to-income ratio. For such fields, the CFPB is proposing releasing data in buckets, intervals or ranges so that the precise values cannot be identified. 

The comment deadline is Nov. 24, 2017. Click here to read more.

2017 Iowa Title Guaranty Conference is Nov. 8 in Des Moines 
Iowa Title Guaranty, a division of the Iowa Finance Authority, will host the 2017 Iowa Title Guaranty Conference on Nov. 8, at the Holiday Inn Airport Convention Center. Hundreds of Iowa real estate professionals are expected to attend. 
The conference will feature a wide range of sessions on timely industry topics.

Session Highlights
  • How to Market and Sell in Brutally Competitive Environments, Jeff Beals
  • Hot Topics in the New Era of Closings, Penny Reed, Wells Fargo Home Mortgage
  • Good Deeds: History Revealed in the Land Record, Joe Grabas, author, historian and veteran title professional
  • Remote Notary and E-Notary, Iowa Secretary of State Paul Pate
  • Cybersecurity, Nick Maletta, Holmes Murphy
  • Mechanic’s Leins, John Fatino, Whitfield & Eddy Law
Click here to register or to learn more.  

USDA RD guaranteed home loan program continues low fee structures
The United States Department of Agriculture (USDA) Rural Development (RD) will continue low fee structures for its guaranteed home loan program during fiscal year 2018, which began on Oct. 1. The upfront guarantee fee will remain at 1 percent of the final loan amount, and the annual fee will continue to be 0.35 percent of the average scheduled unpaid principal balance for the life of the loan. These low fees reflect a significant reduction that became effective one year ago. For more information about USDA RD's guaranteed home loan program, please call 515-284-4667, email or visit

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