IMA Prime Times: July 16, 2018 Iowa Mortgage Association

July 2018


President's Message

Association Updates

Industry News

IMA to Start Planning for the New Year This Month
The Iowa Mortgage Association (IMA) Board of Directors will be holding its summer meeting this month. It is a time where we start looking at the year ahead and thinking about new members for the board. If you have ever thought about serving as a member of the IMA Board, please reach out to a board member. We would love to talk to you. The conference planning committee has been working hard on the annual convention, which will take place Oct. 2-3, with a golf outing on Oct. 1. Set aside time on your calendar to attend this great event.  

I hope everyone had a fun and safe Independence Day. My hometown has a large celebration, as I am sure many of your communities do as well. It was nice to catch up with friends I have not seen lately.   

If your summer has been anything like mine, you are busy! My oldest daughter was married at the end of last month. It was a beautiful day, and we are thankful to add to our family a wonderful son-in-law. Weddings take a lot of planning; we are adjusting to getting back to “normal” in our household.

Marcy Wagner
TitleCore National

Nominate a Colleague for IMA’s Mortgage Professional of the Year Award
The deadline for the Iowa Mortgage Association (IMA) Mortgage Professional of the Year Award nomination process is Aug. 1. This award will be given at the 2018 Fall Convention on Oct. 2, to recognize a distinguished mortgage professional in the industry. Nominees symbolize excellence in the following categories:

  • Represents themselves, their company and the industry with the highest standards of ethics and excellence.
  • Demonstrates a continued commitment to community involvement.
  • Has made a significant contribution to the mortgage industry.
  • Is a member in good standing of the IMA.

Nominate a candidate.

Tell Us About Yourself for the IMA Member Spotlight 
Email us a current photo and answers to the following questions. We’ll put everything together in an IMA Member Spotlight profile, send it back to you for final approval, and then feature it on the IMA Facebook page
  • How did you get involved in the mortgage industry?
  • What is the biggest challenge or opportunity you have seen in the mortgage industry?
  • What advice would you give people just entering the industry?
  • Do you have a quick tip for saving time, generating leads, tracking information, etc. that you would like to share?
  • When you are not at work, what do you like to do most?
  • What is a quote or a guiding principle you live by?
NFIP to Expire July 31
As previously reported, on March 22, Congress temporarily extended the funding for the National Flood Insurance Program (NFIP) for the third time in as many months, until July 31, 2018. Congress must now reauthorize the NFIP by no later than 11:59 pm on July 31, 2018 to ensure continuity of the program. A provision was added the Senate’s version of the Farm Bill that passed on June 28 and included a six-month extension of the NFIP, however the Senate and the House have to reconcile their versions of the Farm Bill before it can be sent to the president.

FEMA and Congress have never failed to honor the flood insurance contracts in place with NFIP policyholders. In the unlikely event the NFIP’s authorization lapses, FEMA would still have authority to ensure the payment of valid claims with available funds. However, FEMA would stop selling and renewing policies for millions of properties in communities across the nation. Should a lapse occur in March, creditors can refer to guidance issued in 2010 by the federal regulatory agencies regarding required action on closings secured by a property subject to the mandatory flood insurance purchase requirement during a lapse period. 

Regulatory Reform Effective Dates 
The Economic Growth, Regulatory Reform, and Consumer Protection Act (S. 2155), was signed into law on May 24, 2018. One of the most frequently asked questions related to the legislation is, “When is it effective?” There is no simple answer to this question. Some of its provisions were written to take effect immediately upon enactment – such provisions related to foreclosure relief for extensions of credit for service members and the small bank exemption under the Volker Rule. However, most of the provisions related to mortgage lending do not have specific implementation dates and require rulemaking in order to implement, such as the portfolio qualified mortgage provisions and low volume Home Mortgage Disclosure Act (HMDA) reporting exemption.

On July 5, the Consumer Financial Protection Bureau (CFPB) issued a statement regarding the HMDA provisions, indicating that it expects to release further guidance later this summer on the applicability of S. 2155 on HMDA data collected in 2018. The July 5 guidance stated that S. 2155 will not affect the format of Loan Application Registers (LARs):

  • LARs will be formatted according to the previously-released 2018 Filing Instructions Guide for HMDA Data Collected in 2018 (2018 FIG). 
  • If an institution does not report information for a certain data field due to the bill’s partial exemptions, the institution will enter an exemption code for the field specified in a revised 2018 FIG that the CFPB expects to release later this summer.
  • All LARs will be submitted to the same HMDA platform. A beta version of the HMDA platform for submission of data collected in 2018 will be available later this year for filers to test.

Higher Income Limits Announced for Guaranteed and Direct Home Loan Programs 
A series of new, higher income limits for borrowers using Guaranteed and Direct Home Loan Programs from the U.S. Department of Agriculture (USDA) Rural Development were announced earlier this month. The income limits became effective on June 13, through the publishing of a special procedure notice issued by USDA Rural Development.  

Guaranteed Home Loan Program
A typical income limit for a one- to four-person household using the Guaranteed Home Loan Program in rural Iowa is now $82,700. Income limits vary greatly depending on the county/community where a home is located, as well as the number of people in the household. Also, household incomes may be adjusted with qualifying expenses such as payments for child care. View the list of the new household income limits for all counties in Iowa. Call 515-284-4667, email or visit for more information.

Direct Home Loan Program
A typical income limit for a one-person household using the Direct Home Loan Program to purchase a home in an eligible rural Iowa community or area is now $38,000. For a family of four, a common limit is $54,250. Like the Guaranteed Home Loan Program, income limits vary greatly depending on household size and the county/community where a home is located. Household incomes may also be adjusted with qualifying child care expenses. View the complete list of new income limits for a USDA Direct Home Loan in rural Iowa and clicking on the state of Iowa. Please contact USDA Rural Development staff at 515-284-4444, email with eligibility questions or visit for more information.

2018 HousingIowa Conference Slated for Sept. 5-7, in Des Moines
The Iowa Finance Authority (IFA) will host the 2018 HousingIowa Conference Sept. 5-7, at the Iowa Events Center in Des Moines. The conference will feature Frank Abagnale, the subject of the award winning film, Catch Me If You Can, and current FBI Cybersecurity and Fraud Expert, Cara Brookins, who built her entire house using YouTube. The 2018 HousingIowa Awards will be awarded, and several sessions covering timely Iowa housing topics are scheduled, including:

  • Top 5 Ways Tax Reform Will Impact Iowa Real Estate.
  • Homeownership Preferred Partner Training.
  • Top 60 Tips for Helping Home Buyers in 2019 – In 60 Minutes! 
  • Generational Marketing and the Millennial Mindset, “That MI Guy” – Steve Richman.
  • Making the Right Choices: Lessons in Compliance and Ethics – Rashmi Airan.
  • Developments In Mortgage and Title Fraud – Rachel Dollar.
  • Mandatory Iowa Finance Authority Preferred Partner Training. 

Some sessions have limited capacity. Register today at

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