IMA Prime Times: August 15, 2018 Iowa Mortgage Association

August 2018


President's Message

Association Updates

Industry News

IMA Conference to Feature New Look, Technology
It is hard to believe it is August. In my household, we are preparing for our son to go back to school in a few short weeks. While he may not admit it, I am sure he is happy that school is starting again; I know I am! This is also the time of year that I start thinking of the Iowa Mortgage Association (IMA) Convention. Our goal for this year’s convention is to create something new and fresh. It will still have the events you like to attend, but with a new look and new technology. We are excited and hope you to see you there!

Marcy Wagner
TitleCore National

2018 IMA Fall Conference Set for October
The 2018 Iowa Mortgage Association (IMA) Fall Conference will be Oct. 1-3, at the West Des Moines Marriott Hotel. With increasing rates, growing competition and new technology, it is more important than ever to keep with mortgage industry changes and today’s top issues. The IMA Fall Conference is designed to help you be a successful mortgage professional with sessions on mastering the sales process, mortgage compliance, building successful sales relationships and more. The conference will kick off with a golf outing at Echo Valley Country Club in Norwalk. Register for the conference.

Invite New Mortgage Pros to Crash the Conference
Do you know someone who is new to the mortgage industry? Invite them to crash the IMA Fall Conference! The IMA will be inviting 10 to 15 “young” mortgage professionals to the IMA Fall Convention. The IMA Conference Crasher will receive free admission to the conference, as well as have special meetings to enhance exposure to the IMA network. Anyone who has been in the mortgage business less than three years and has not previously attended an IMA conference in the past is welcome to apply. Managers can nominate staff members who are rising stars in the mortgage industry. All IMA Conference Crashers will be recognized throughout the conference with special name badge ribbons, T-shirts and an opportunity to connect with other IMA professionals. Applications can be completed online and are due by Sept. 1. Email Darcy Burnett or call her at 800-987-7365 with questions. 

NFIP Extended Thru Nov. 30
Just hours before the National Flood Insurance Program (NFIP) was set to expire (midnight on July 31), the U.S. Senate passed, and President Donald Trump signed into law, a four-month extension that will renew program funding through Nov. 30, 2018. The House passed the bill a few days earlier. The vote avoided another lapse of the NFIP, which could have been particularly problematic during the height of hurricane season. 

The NFIP program has been riding on short-term extensions since a five-year reauthorization bill expired last year. Congress now has four months to try to come together on the next long-term bill, which has proven most difficult in the Senate, where big issues such as how to expand the market for private flood insurance remain unresolved.

New Bulletin Focuses on Fair Lending Risks 
The Federal Reserve Board has launched a new publication, Consumer Compliance Supervision Bulletin, that shares information about examiners’ observations and other developments related to  consumer protection. The bulletin will also provide practical steps to consider when addressing consumer compliance risk. 

The first issue examines fair lending, exploring key risk factors the Federal Reserve considers in its fair lending review including redlining, mortgage target pricing, disability and maternity leave underwriting discrimination and more.  The publication also provides practical steps for mitigating fair lending risks.
Read the bulletin.

Incomplete Applications Slow USDA Rural Development Processing Times
Lenders can help speed U.S. Department of Agriculture (USDA) Rural Development guaranteed home loan processing times by submitting applications with complete and accurate information. A common mistake is information on the request for guarantee (Form 3555-21) not matching what was entered into USDA’s Guaranteed Underwriting System (GUS). Following the current origination stacking order checklist will also help speed processing times. The updated checklist can be found at by selecting the key program “Single Family Housing Guaranteed Loan Program” and then the “Forms and Resources” tab. 

Comment Periods for Proposed Changes to Guaranteed Home Loan Program Now Open
Comment periods are now open for two recently published changes to the USDA Rural Development’s guaranteed home loan program. Those changes include updates to single-close new construction loans and the intent to charge a technology fee. The first published change for the one-time close announcement can be found in the Federal Register. Comments on the one-time close announcement must be received before Aug. 20, 2018, to be assured for consideration. The second published change for the technology fee announcement can be found here. The deadline for comments on the proposed technology fee is Sept. 11, 2018.

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