IMA Prime Times: November 2019 Iowa Mortgage Association

November 2019



Planning for Next Year Starts Today
How was your October? I have heard from many lenders that it was one of the best months of their careers. Was it yours? Did anyone plan for this? Were you prepared to make the needed calls to get the business? Did you have a plan in place to fall back on when the business starts to slow?

One of the most important parts of our jobs is to not only make sure we are prepared when there is a sudden rate drop that spurs business but also to have a plan in place that we are looking for business all the time. Do you have a business plan that addresses this? If not, I highly recommend that you sign up for one of the IMA’s Business Planning Retreats. The first one is Dec. 4 in Coralville and the second one is Dec. 5 in Johnston. This is a great way to make sure you are ready for everything that 2020 will have in store. 

We all can’t just count on business to call or walk in the door. What are you doing to make sure you are getting business on a steady basis? The time to plan for next year starts now. Visit the IMA website and  look under the “Events” tab to sign up today!

Scott Brekke
Great Southern Bank

IMA Website Provides National Legislative Calls to Action
IMA members can now take action on important national issues directly from the IMA website, using the Mortgage Action Alliance’s calls to action. The Mortgage Action Alliance is the nonpartisan and free nationwide grassroots lobbying network of real estate finance industry professionals affiliated with the Mortgage Bankers Association. Get involved with the IMA and the Mortgage Action Alliance to play an active role in how laws and regulations that affect the industry and your customers are created and carried out by lobbying and building relationships with policymakers at the state and federal level. 

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.

NMLS Renewal Period Open Through Dec. 31
The Nationwide Mortgage Licensing System and Registry’s 2020 renewal period began Nov. 1 and continues through Dec. 31. All Mortgage Loan Originators, who are registered with the Registry are required to complete the annual registration renewal prior to Dec. 31. One exception to the renewal requirement is for MLOs who completed their registration with the registry less than six months prior to the end of the annual renewal period. For example, if an MLO was registered on or before June 30, 2019, they must renew their registration during the 2020 renewal period. If the MLO was registered on or after July 1, 2019, renewal is not required during the 2020 renewal period. Learn more.

Fannie Mae, Freddie Mac Revise URLA Status
Fannie Mae and Freddie Mac have published the static components of the updated redesigned Uniform Residential Loan Application, reflecting revisions announced in August 2019. This static version of the URLA includes all changes to form appearance. The static form and instructions are available here. Fannie Mae and Freddie Mac will publish an interactive PDF version of the redesigned URLA in early 2020. Questions about the redesigned URLA, AUS Specifications, or other supporting documents can be emailed to or

USDA Rural Development Eliminates Interest Rate Cap
USDA Rural Development has eliminated the maximum interest rate cap for all guaranteed home loans as of Oct. 1, 2019. As a result of this change, Form RD 3555-21, Request for Single Family Housing Loan Guarantee, has been revised and the fields for the interest rate, lock and floating dates have been removed. Please discontinue use of the Form RD 3555-21 with a revision date October 2018. For more information about USDA Rural Development’s home loan program, please call 515-284-4667, email or visit

Job Opportunity: Iowa Title Guaranty Looking for Deputy Director 
Iowa Title Guaranty is searching for an outstanding professional to serve as its deputy director. This individual will play a key role in leading the only state-run title coverage program in the nation, which is often cited in the national media as an effective, low-cost alternative to traditional title insurance. The ideal candidate is an Iowa licensed attorney with exceptional leadership skills who strives on efficiency and innovation. Applications are being accepted through Dec. 2. Read the full job listing. For more information, contact Brooke Parziale.

To remove yourself from this mailing, click here.