IMA Prime Times: October 2019 Iowa Mortgage Association

October 2019

PRESIDENT'S MESSAGE
Looking Forward to Another Great Year
Let me start off by thanking all of you for electing me to be the 2019-20 president of the Iowa Mortgage Association! I am very excited to lead the best of the best in the mortgage industry in Iowa. Being a member of the IMA shows your deep commitment to the industry and the willingness to be the best at what you do.

I would like to thank Laura Kay Sheely, and Marcy Wagner for being excellent mentors for me during my last three years on the executive committee. They have been great examples of leadership. I only hope to do as great of a job as they have done over the past two years.

Just last week we all gathered for our Fall Conference. The conference covered many topics and had great speakers. Special thanks to the conference committee for putting on another great show. Please take the time to fill out the surveys that were sent to each of you who attended. We do use this information to better plan for future conferences.

I look forward to another great year with the IMA. I will make a personal commitment to attend activities throughout the state to promote the organization as needed. Please feel free to reach out to me for any needs, questions or concerns.

Scott Brekke
Great Southern Bank

ASSOCIATION UPDATES

Ursula Mentjes discusses her program, Maximum Accelerated Selling, with IMA Fall Conference attendees.
 
A group of eight young mortgage professionals attended the IMA Fall Conference as Conference Crashers, learning about the industry and networking with peers. 
 
New IMA president Scott Brekke (Great Southern Bank, Sioux City) addresses the IMA Fall Conference attendees.
Mortgage Professionals LEAD at IMA Fall Conference
The IMA held its annual fall conference and golf outing Oct. 7-9, in Altoona. It was a perfect fall day, where 100 golfers enjoyed the day at Copper Creek Golf Course in Pleasant Hill.

The conference officially started the next day at the Prarie Meadows Event Center with a session from Ursula Mentjes about maximizing your selling. With great advice and sales scripts, Ursula explored the necessary steps to improve 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, private flood insurance, appraisal rules, and social media. Drew Harden from Blue Compass continued the day with a session on making your social media more effective. Sarah Noll Willson closed the day with a session on building trust in relationships. 

The second day of the IMA Convention started with the introduction of the Conference Crashers. For the fourth 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. Closing the conference was an inspirational and informational message from Aaron Davis. He shared his message about the mindset of a champion.

Special thanks to all IMA Fall Conference sponsors and exhibitors. See more conference photos on the IMA Facebook page.
 
IMA Conference Sponsors
  • American Abstract & Title Company
  • CBMS, Credit Bureau Mortgage Services
  • Essent Guaranty, Inc.
  • Farm Credit Services of America
  • Guild Mortgage
  • Home Point Financial
  • LenderClose
  • MGIC 
IMA Conference Exhibitors
  • American Abstract & Title Company
  • Arch MI
  • Compeer Financial
  • Ellie Mae
  • Essent Guaranty, Inc.
  • Factual Data
  • Genworth Mortgage Insurance
  • Guild Mortgage
  • Heartland Credit Restoration
  • Home Point Financial
  • Info-Pro Lender Services
  • Inlanta Mortgage
  • Iowa Bankers Mortgage Corporation
  • Iowa Finance Authority
  • LenderClose
  • National MI
  • Radian MI
  • SimpleNexus
  • U.S. Bank Home Mortgage
  • USDA Rural Development
  • West Gate Bank
  • Windsor Mortgage Solutions 
IMA to Host Business Planning Retreats in December
The IMA will host business planning retreats Dec. 4 at the Iowa City Area Association of Realtors in Coralville and Dec. 5 at Iowa Bankers Association in Johnston. The retreats are designed to energize attendees with new ideas for 2019 and help them build a solid business plan that will put those ideas into action. They will include group work sessions, idea brainstorming and plenty of ways that attendees can transform their production for the next 12 months. Attendees will also walk away with a complete business plan to implement in 2020. Learn more or register.
 
INDUSTRY NEWS
20 Iowa Loan Officers Receive IFA Preferred Lender Designation
The Iowa Finance Authority recently announced that a total of 20 lenders have earned the IFA’s 2020 Preferred Lender designation. IFA Preferred Lenders serve as ambassadors for Iowa home buyers seeking assistance with the homeownership process and are expertly trained in IFA mortgage and down payment assistance programs. All IFA Participating Lenders serve as a trusted resource for home buyers in their area. IFA Preferred Lenders have received additional in-depth training and have committed to meeting various requirements including assisting a minimum number of homebuyers through IFA programs each year. See the list of Preferred Lenders.

CFPB Releases New HMDA Resources
The Consumer Financial Protection Bureau has made available the Filing Instructions Guide for HMDA data collected in 2020, and reported before March 1, 2021. The FIG is a technical resource to help financial institutions file HMDA data collected in 2020 and reported in 2021. The FIG and the Supplemental Guide for Quarterly Filers can be accessed at https://ffiec.cfpb.gov under “Help for Filers.”

The CFPB has released a new resource: the Supplemental Guide for Quarterly Filers. This guide will help financial institutions required to file HMDA data quarterly beginning in 2020. Institutions that reported at least 60,000 covered loans and applications combined (excluding purchased loans) in the preceding calendar year, must begin reporting their HMDA data on a quarterly basis in 2020 in addition to the year-end filing requirement.

SAFE Act FAQ on Temporary LO Authority
The CFPB has published 4 frequently asked questions on the SAFE Act and the impact of the amendments to the SAFE Act made by the Economic Growth, Regulatory Relief, and Consumer Protection Act. The amendments, as of Nov. 24, 2019, established temporary authority for certain Loan Originators to act as an LO in a state for a limited period of time while applying for a state loan originator license in that state. Not all LOs are eligible for temporary authority. Temporary authority applies to LOs who were previously registered or state-licensed for a certain period of time before applying for a new state license. Additionally, LOs are eligible for temporary authority only if they have applied for a license in the new state, are employed by a state-licensed mortgage company in the new state, and satisfy certain criminal and adverse professional history requirements described in the SAFE Act. Read the SAFE Act FAQs. 



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