IMA Prime Times: January 15, 2019 Iowa Mortgage Association

January 2019


President's Message

Association Updates

Industry News

Happy New Year!
I am excited to be kicking off the year with you and the Iowa Mortgage Association (IMA). This year is going to be a historic year for the IMA as we embark on new changes to our events and a new look for our communication and education events. We kick the year off with our spring conference in the Quad Cities. In review of our previous spring conference plan we thought it would be fun to change the location and enhance the experience for our members. This event also includes the much anticipated awards ceremony where we honor the best of the best for production in 2018. We have a great lineup of speakers planned and we will once again provide an engaging networking session so attendees can connect with their peers. 

We could not put on such great events without the support of our sponsors and affiliate members. This a great time of year to thank those that have given back to our industry and worked so closely with the IMA. Please take some time this month and thank those vendors that you are working with for all of their support to you this past year. Together we do great things to increase homeownership in Iowa!

Laura Kay Sheely
Arch Mortgage Insurance

Registration Open for IMA’s 2019 Spring Conference
The Iowa Mortgage Association’s (IMA’s) 2019 Spring Conference will be April 3, at the Quad Cities Waterfront Convention Center & Isle Hotel in Bettendorf. The conference will include sessions on productivity and social media tools, an economic update, housing trends, and ways to network and engage to grow business. The cost to attend the conference is $175 for members and $350 for nonmembers if registered before March 20. After that date, the cost goes up to $195 for members and $370 for nonmembers. Learn more or register for the conference.

NFIP Funded Through May
The National Flood Insurance Program (NFIP) has been caught up in the federal budget battle. On Friday, Dec. 21, Congress reauthorized the NFIP until May 31, 2019. Although the NFIP was reauthorized prior to the partial government shutdown, the Federal Emergency Management Agency (FEMA) took the position that the NFIP was unable to issue new or renew existing flood policies during the shutdown period. This decision was strongly criticized by the financial services industry and congressional leaders. Consequently, the FEMA issued a statement on Dec. 31, indicating it would resume the sale of new insurance policies and renewal of expiring policies retroactive to Dec. 21, 2018. Thus, for purposes of issuing and renewing flood policies, it is business as usual for the NFIP until at least May 31, 2019.

CFPB Releases 2018 HMDA Data Guidance
The Consumer Financial Protection Bureau (CFPB) released its policy guidance describing the Home Mortgage Disclosure Act (HMDA) loan-level data it plans to publicly release in 2019. Significantly, the CFPB said it would NOT release property addresses, applicants’ credit scores or automated underwriting results. As expected, the CFPB will release “certain information with reduced precision,” including borrower ages, loan amount and number of units in the dwelling. The Dec. 21, 2018, Policy Guidance can be found here

FHA Sets 2019 Loan Limits
The maximum conforming loan limits for mortgages the Federal Housing Administration (FHA) will insure will increase in 2019. The loan limit in lower-cost areas will be $314,827, or 65 percent of the national conforming loan limit of $484,350. In high-cost areas, the limit will be $726,525. FHA-insured reverse mortgages will be capped at $726,525. Approximately 82 percent of U.S. counties are considered lower-cost areas, with 2.3 percent at the ceiling and the rest somewhere in between. Read more.

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