IMA Prime Times: December 2019 Iowa Mortgage Association

December 2019

Leave the Leftovers and Finish the Year Strong
Leftovers? If you still have them around from Thanksgiving, I suggest pitching them in the trash!

I hope everyone enjoyed their Thanksgiving Day break and time with family. With the time between Thanksgiving and Christmas Day being the shortest possible, I hope each of you find the time to spend with your families. We are all super busy meeting new clients, prospecting for more business and then, hopefully, closing deals. Sometimes we forget about our families. Please remember to take the time out for these special people in your lives and don’t make them leftovers to our business needs. Eventually we all know where leftovers can end up.

After this huge flurry of business at the end of 2019, we must prepare ourselves for what’s to come in 2020. Don’t get caught sitting around and doing nothing. Get active! Find your local business referral groups, the realtors groups or even hit the favorite coffee shop. Get your name out there any way you can. The more you get involved in your community, the more benefits you will see come your way. 

Lastly don’t forget to look at the committees with the IMA. With your volunteerism in an IMA committee, you can help us shape and mold the future of the organization. Visit and look under the “About” tab, to learn more about IMA committees. Also, we have added a “Call to Action” link for the Mortgage Action Alliance. This allows you to quickly and easily make our voices heard at a National Level.

I hope everyone has a great holiday season as we finish off the year, and please don’t leave too many leftovers.

Scott Brekke
Great Southern Bank

Join In — Renew Your IMA Membership
As the new year approaches, it’s time to renew your Iowa Mortgage Association membership. By addressing current issues in government relations, public relations, professional development and more, the IMA connects the mortgage community through education and resources to promote homeownership. Please join the IMA for another successful year by renewing your membership today. Through membership in the IMA, you will receive:
  • Monthly updates through IMA Prime Times
  • Discounts on program registration fees on all IMA programs including the Annual Convention and Spring Conference
  • Legislative efforts to strengthen the industry
  • Industry information and association updates via the IMA website
Membership renewals were sent to the company main contact in early December. You can also renew your membership on the IMA website.

CFPB to Finalize HMDA Revisions Early 2020
The Consumer Financial Protection Bureau (CFPB) announced updates to its rulemaking agenda. Significantly, the CFPB provided projected finalization dates for two HMDA-related actions. In March 2020, it expects to finalize the permanent thresholds for reporting data on open-end lines of credit and closed-end mortgage loans. Later, in July 2020, the CFPB projects it will issue proposed rules to govern the collection of HMDA data points and the disclosure of those data, so that the two issues can be considered concurrently. Read more.

CFPB to Review of TRID Rule 
The Consumer Financial Protection Bureau published its plan for conducting a five-year assessment of the 2013 TILA-RESPA Integrated Disclosure rule. The CFPB is conducting the review pursuant to the Dodd-Frank Act, which requires that all significant rules issued by the CFPB be assessed within five years of their effective date. The CFPB is seeking feedback on the costs and benefits of the TRID rule for consumers, lenders and other stakeholders, aspects of the rule that are confusing or in need of further guidance and recommendations for modifying, expanding or eliminating the rule, among other things. Read the request for information. Comments are due by Jan 21, 2020.

Revised URLA Status
Fannie Mae and Freddie Mac have published the static components of the updated redesigned Uniform Residential Loan Application (Fannie Mae Form 1003 / Freddie Mac Form 65), reflecting revisions announced in August 2019. This static version of the URLA includes all changes to form appearance. The government-sponsored enterprises will publish an interactive PDF version of the redesigned URLA in early 2020. Questions about the redesigned URLA, AUS Specifications, or other supporting documents, should be submitted to your GSE representative or can be emailed to or

FDIC Assesses $1.35 M CMP for RESPA Section 8 Violations
The Federal Deposit Insurance Corp. announced a $1,350,000 settlement with HomeStreet Bank in Seattle, Washington, for violations of the Real Estate Settlement Procedures Act. Section 8(a) of RESPA prohibits giving or accepting a thing of value for the referral of settlement service involving a federally related mortgage loan. 

The FDIC determined that HomeStreet Bank, through its now discontinued Home Loan Center-based mortgage banking business line, entered into certain co-marketing arrangements in which the bank and real estate brokers agreed to market their services together using online platforms. The FDIC also determined that the bank entered into desk rental agreements whereby the bank rented space in the offices of real estate brokers and home builders. These arrangements and agreements resulted in the payment of fees by the bank to real estate brokers and home builders for their referrals of mortgage loan business, in violation of RESPA. HomeStreet Bank has terminated all of the co-marketing and desk rental agreements. While co-marketing arrangements and desk rental agreements are permissible where the fees paid bear a reasonable relationship to the fair market value of marketing or rental costs, such arrangements and agreements violate RESPA when the amounts paid exceed fair market value and the excess is for referrals of mortgage business.

USDA Rural Development Implementing $25 Technology Fee Starting Jan. 1
Beginning on Jan. 1, 2020, USDA Rural Development will start collecting a $25 technology fee from lenders on each loan closed that was submitted via the agency’s Guaranteed Underwriting System. The authority to collect this technology fee was signed into law in July 2019 as part of the Housing Opportunity Through Modernization Act of 2016. The fee will enable USDA Rural Development to fund future information technology enhancements needed to improve program delivery and services provided to the public. Any file submitted via GUS on or after Jan. 1, 2020, that is issued Form RD 3555-18E “Conditional Commitment for Single Family Housing Loan Guarantee” will require lenders to remit a one-time $25 technology fee with their loan closing package (the same time as the upfront guarantee fee). USDA Rural Development Handbook-1-3555 Chapter 16 provides direction on the disclosure and collection of the fee with a new section on frequently asked questions for loan closings. 

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