IMA Prime Times: April 2019 Iowa Mortgage Association

April 2019


President's Message

Association Updates

Industry News

The Importance of Advocacy
Advocacy and government relations are a critical part of what the Iowa Mortgage Association does for its membership. While many members were attending our spring conference in April, IMA President-Elect Scott Brekke and I had the opportunity to represent Iowa at the Mortgage Bankers Association’s National Advocacy Conference in Washington, D.C. We heard what other associations in the country are doing, listened to speakers on various legislative agendas, and met with our Congressional representatives’ aides to talk about real estate lending in Iowa, discussing issues such as GSE reform, software improvements for FHA, and making sure that VA loans fees are not increased. The MBA has a strong national push to get remote notary approved in each state. This state-by-state graphic shows where this movement stands. 

Speaking of advocacy, you may be asking yourself, “How can I get involved?” We have a great start with the IMA’s legislative committee, but we still need more help. Most representatives are in their home districts on Friday and on weekends often host town halls. We can show our IMA voice by sharing talking points and by simply being seen as a voter in their area. If you are looking to connect with your local representative start here, and think about joining the IMA’s legislative committee. 

On another note, while I was sad to miss the event I heard that the IMA Spring Conference was a hit! Thanks to those who attended, and we look forward to seeing you again in the fall. Check out the IMA events calendar for our upcoming events and get someone new in your office registered. We love building our membership through great events.

Keep smiling!

Laura Kay Sheely
Arch Mortgage Insurance

More Than 100 Recognized at IMA Spring Conference 
Thanks to everyone who attended the IMA Spring Conference on April 3 in Bettendorf.  

The IMA recognized more than 100 Iowa mortgage professionals during the conference with the annual President's Club and Winner's Circle Production Awards. The awards were presented to loan originators for their outstanding production in 2018. See the complete list of winners.

Educational Sessions
The conference started with Your Nerdy Best Friend, Beth Ziesenis, sharing apps and technology strategies for productivity and marketing know-how. She shared great tools to create videos, look for deals on travel, manage your email inbox, and more. The morning continued with more great ideas – this time with the popular roundtable networking session. Attendees shared ideas about building relationships, marketing, and education. Following lunch, Mark Kamps, past-president of the Iowa Association of Realtors shared some national and Iowa housing stats. That session was followed by a broad look at the economy by Dr. Roger Tutterow from Kennesaw State University. Closing out the day was Jack Stahlmann who shared some ideas of what can make you more memorable, likable and engaging. 

Also, congratulations to our conference app challenge. Val Harris from the Federal Home Loan Bank was the winner of the gift card for the most points on the IMA Conference app for the most engagement!

The conference was also made possible by the following participating vendors and sponsors.

Participating Vendors
Participating Sponsors
Mortgage Boot Camp is May 16-17
Registration is open for the Iowa Mortgage Association’s Mortgage Boot Camp May 16-17 at the Downtown Hilton Hotel in Des Moines. This two-day seminar will walk attendees through the mortgage loan cycle and everything they need to be a stronger mortgage loan officer. The cost is $175 for IMA members and $350 for nonmembers if registered before May 2. After that date, the price will increase to $195 for members and $370 for nonmembers. Learn more or register.

2018 HMDA Data Made Public
On March 29, the Consumer Financial Protection Bureau published the Home Mortgage Disclosure Act Modified Loan Application Registers data for approximately 5,400 financial institutions. This is the first year in which additional data reported by certain institutions under the 2015 HMDA rule will be available. The Modified LARs contains loan level information for 2018 on individual HMDA filers, modified to protect privacy. 

The CFPB indicated later this year, additional information will be published related to HMDA, including: a complete loan level dataset and HMDA aggregate and disclosure reports. These data products will be accompanied by a Data Point article, highlighting key trends. The information to be released this year will include certain new data points, which can provide more insights into the mortgage lending practices of institutions. Download the 2018 HMDA Modified LARs.

Changes to Iowa MSAs Impact HMDA, CRA Reporting
As banks start the 2019 HMDA and CRA reporting year, it is important to review the Metropolitan Statistical Areas in Iowa to ensure your lists are accurate. On Sept. 14, 2018, the new Metropolitan Statistical Area definitions released by the Office of Management and Budget via Bulletin No. 18-04 became effective for HMDA and CRA data collected on and after Jan. 1, 2019. Twenty-one Iowa counties make up Iowa’s nine MSAs. Notably, Boone County was added to the Ames MSA; Jasper County was added to Des Moines MSA; and Plymouth County was removed from the Sioux City MSA. 

HMDA “Getting it Right!” Guide Updated
The 2019 edition of the Guide to HMDA Reporting: Getting It Right! is now available. The 2019 version reflects amendments made to HMDA by the Economic Growth, Regulatory Relief and Consumer Protection Act and the 2018 HMDA interpretive and procedural rule issued by the CFPB. The appendices provide additional implementation materials.

Iowa Title Guaranty Announces Flat Fee Premium Rate
The Iowa Title Guaranty (ITG) Board of Directors has approved an all-inclusive, streamlined premium structure to improve the delivery of title services to Iowa lenders and home buyers. Under the new pricing structure, Iowa Title Guaranty certificates will be available for one flat-fee of $140 for coverage amounts of $500,000 or less, with no additional premiums for endorsements or closing protection letters. These changes will take effect on closings beginning July 1, 2019. Download the complete new rate sheet.

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