IMA Prime Times: October 15, 2018 Iowa Mortgage Association

June 2018


President's Message

Association Updates

Industry News

Looking Ahead to Another Great Year for the IMA
First let me say, I am honored to be your president for this year. I want to give special thanks to Marcy Wagner, Vicki Davis and Randy Henkle for all of the guidance and leadership that has helped me to get to this position. Also thanks to our board members who have all contributed to the momentum we are going to have this year. Leading this organization is so important. I am looking forward to meeting new faces and continuing to build on the legacy of our association. This is going to be an exciting year for the Iowa Mortgage Association (IMA); so consider this your call to action to join us on a committee, give feedback on conferences or to join our board. I want to hear from you, and I welcome your calls, emails or snail mail along the way to tell me how you think we are doing. We are the heartbeat of the Iowa homeownership movement. Together we can make big things happen this year with a focus on improving technology, homebuyer education and by working to increase our participation with the Realtor community.

Now let’s take a look back at the events of this week as we kicked off the new year.

What a fantastic conference! We had great energy from our attendees, and the event did not disappoint. As I walked away on Wednesday afternoon, I was filled with gratitude for everyone that engaged and focused on how they could improve the mortgage loan experience for our customers and members. On our panel Wednesday, Omar Jordan of Lender Close, let us know that on the technology front we have a lot of work to do to catch up with what borrowers are expecting from their experience. We also saw that with the changes in margins, Dan Vessely from Iowa Bankers Mortgage Corporation and RJ Lang from MidWestOne Bank, shared how we are going to need to become more efficient to combat the increasing costs to produce a loan. I also loved how Felisha Junge from the University of Iowa Community Credit Union reminded us that with all of the technology swirling around us, we still need to remember the basics like good marketing, face-to-face interactions and follow up.

Once again our Conference Crasher group showed us through fresh eyes how they see the IMA. At our lunch on Wednesday, I was reminded of how much positive energy and anxiety we all had at the beginning of our careers. These Crashers are going to be great additions to our IMA family. They need us to coach, mentor and guide them every step of the way so let’s open our doors and welcome them. Thanks to Tom Schulte of Community 1st Credit Union and Barry Green of Guaranteed Rate for leading this team.

I am already looking forward to the many events we have planned this year. Don’t miss the Ignite Success Conference on Dec. 3, sponsored by the Iowa City Area Association of Realtors (ICAAR) and the IMA. You should also start making plans now for the IMA's spring conference. Together we are going to do great things for the IMA!

Laura Kay Sheely
Arch Mortgage Insurance Company

Closing Sales and Making Connections are Key Topics at IMA Fall Conference
The Iowa Mortgage Association (IMA) held its annual fall conference and golf outing Oct. 1-3, in West Des Moines. While the weather was chilly and rainy, that didn’t stop 100 golfers from enjoying the day at Echo Valley Country Club in Norwalk. 
The conference officially started the next day at the West Des Moines Marriott Hotel with a session from Joe Micallef from Grow UP Sales focusing on creating and closing more loans. With a nine-step sales process, Joe explored the necessary steps to understanding the sales process and making the sale. Iowa Bankers Association Senior Compliance Coordinator Ronette Schlatter returned again this year with a session on mortgage compliance. Her session touched hot topics like TRID, minimum standards for mortgage loans and appraisals. Pat Sherlock closed the day with a session on high-touch and high-tech mortgage origination tactics. 
The second day of the IMA Convention started with the introduction of the Conference Crashers. For the third year in a row, the IMA hosted mortgage professionals who are new to the business. This year eight 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 sessions. First a mortgage panel shared insights on how they generate leads and business, the future of the mortgage industry, and thoughts about how to stay relevant in today’s changing business environment with increased competition. Following the panel, attendees broke into small groups to discuss top issues and learn more from one another. Closing the conference was an inspirational and informational message from Paul Long. He shared his message of Fundamism, which teaches listening and connecting with others while stressing sincerity in every interaction.

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

IMA Fall Conference Sponsors
  • American Abstract and Title
  • Arch MI
  • Compeer Financial
  • Essent Guaranty, Inc.
  • Federal Home Loan Bank
  • Guild Mortgage
  • LenderClose
  • MGIC
  • National MI
  • Pendo
  • Peoples Abstract Company
  • TitleCore National, LLC
IMA Fall Conference Exhibitors
  • Arch MI
  • Credit Law Center
  • Ellie Mae, Inc.
  • Essent Guaranty, Inc.
  • Factual Data
  • Gateway Mortgage Group - Correspondent Lending
  • Genworth Mortgage Insurance
  • Guild Mortgage
  • Heartland Credit Restoration
  • Iowa Bankers Mortgage Corporation
  • Iowa Finance Authority 
  • Iowa Land Records
  • LenderClose
  • Mortech, a Zillow Group business
  • National MI
  • Radian Guaranty
  • SimpleNexus
  • Strategic Mortgage Services
  • SunTrust Bank
  • US Bank Home Mortgage
  • USDA Rural Development
  • West Gate Bank Correspondent

Klahn Awarded IMA’s Mortgage Professional of the Year 
Kathy Klahn of Clinton National Bank in Clinton was awarded the Mortgage Professional of the Year Award at the IMA Fall Conference. In her nomination it said, “As a community member, Kathy makes her mark through leadership and volunteerism. She served as president for the United Way, Rotary and a local women’s association. She has received three different awards from the community chamber. As of today she is active in Make-a-Wish, Big Brothers/Big Sisters, United Way, the Chamber, the hospital foundation, Junior Achievement, Rotary and more.”

For those at IMA who know Kathy, she has shown a continued commitment to the industry through continued involvement in the association. She is a long-time IMA committee member and former IMA president, attending countless seminars and conferences. Her infectious smile is well-known throughout the association.

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

Kathy Klahn, pictured with her husband, Tom and son, Rich received the 2018 IMA Mortgage Professional of the Year award.

Free Consumer Credit Freezes
Thanks to the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), as of Sept. 21, 2018, consumers have the ability to place free credit freezes on their credit files with credit reporting agencies and can place initial fraud alerts on their credit files for one year. Credit freezes restrict access to consumer credit files making it harder for identity thieves to open new accounts in a consumer’s name. Free freezes are also available for children under 16 as well as consumers with guardians, conservators or valid power of attorney. Additional information related to added protections provided to consumers under the Act can be found on the FTC website.

Role of Regulatory Guidance
The federal financial regulators – the Federal Reserve Board, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency – issued a joint statement on Sept. 11, explaining the role of supervisory guidance for regulated institutions. Supervisory guidance comes in many different forms, including interagency statements, advisories, bulletins, policy statements, questions and answers, and frequently asked questions, to their respective supervised institutions.

The statement confirms that supervisory guidance does not have the force and effect of law, and the agencies do not take enforcement actions based on supervisory guidance. The joint statement explains that supervisory guidance can outline the agencies’ supervisory expectations or priorities and articulate the agencies’ general views regarding appropriate practices for a given subject area. Supervisory guidance often provides examples of practices that the agencies generally consider consistent with safety-and-soundness standards or other applicable laws and regulations, including those designed to protect consumers.

New Request for Single Family Housing Loan Guarantee Form Now Available
The U.S. Department of Agriculture (USDA) Rural Development Form RD 3555-21 is now available for lender use and IT development purposes. The form was fully adopted on Oct. 1, when it was posted to the USDA eForms and pre-filled via USDA’s Guaranteed Underwriting System (GUS). The revised form eliminates duplicate information obtained in other loan documentation. USDA Rural Development will discontinue use of Form RD 3555-21 (with revision date of June 2015) on Nov. 1, 2018. After Nov. 1, all loan packages must include the new Form RD 3555-21. For more information about USDA Rural Development’s guaranteed home loan program please call 515-284-4667, email or visit

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