IMA Prime Times: January 2020 Iowa Mortgage Association

January 2020

New Year, New You!
We made it! 2020 is here. Now what are you going to do with it? Our simple business of lending money for home loans is in a great spot. Rates are still at historic lows. The only time it was lower in the previous 40-plus years was a period in 2012-2013. The demand for home loans is high, rather it’s a purchase or a refinance request. This is the one of the best times in our industry.

If you are a newer lender, I urge you to get out there and make connections. Pick out a realtor or two a month and invite them to lunch. Look for a financial planner, attorney or builder to target. Build your database and do some email marketing. Don’t be afraid to get out of your comfort zone while prospecting for new business. Put a plan together and work it on a regular basis. Where do you want your business to be in the next three to five years? There really is no time better than now to work on becoming the go-to lender.

If you are an experienced lender, do not rest on your laurels and simply expect the business to keep coming to you. If you look at the paragraph above there are new lenders to your market that are looking to take a share of your business. What are you doing to leverage your experience? Are you involved in your local or state organizations that shape the mortgage industry? Take the time to hone your craft. You’re already experienced and good at what you do, now make yourself an expert. Find a product or two that are relevant to your market and become the expert for the partners you work with. Don’t forget to keep targeting the same people as I mentioned above. There is always room for another referral partner to increase your business.

As with any business there will be people that succeed and people that will fail. Please take the time now, don’t wait. It is the beginning of a new year and a new decade. Take full advantage of what we have available to us and grab it!

Scott Brekke
Great Southern Bank

Join Fellow Mortgage Professionals at IMA Spring Conference
The Iowa Mortgage Association will host the 2020 Spring Conference on March 25 at the Coralville Marriott for those looking to increase their skills as mortgage lenders. There will be a welcome reception March 24, and the IMA has designed a full-day of educational opportunities to present attendees with actionable ways to build their brands and businesses. The conference will include sessions on goal setting, strategies for persuasive writing on social media, and an inspiring message about succeeding through failure. Learn more or register.

New URLA Implementation Timeline Set
Fannie Mae and Freddie Mac published a revised implementation timeline for the redesigned Uniform Residential Loan Application as well as updated automated underwriting systems. Starting Sept. 1, 2020, all lenders may begin using the redesigned URLA and may also submit loan applications to the new AUS production environment. Prior to this time, testing and limited use (during a test-and learn period) will be available for some lenders. By Nov. 1, 2020, all lenders must use the redesigned URLA for loans to be sold to Fannie Mae and Freddie Mac and submit loan applications to the new AUS production environment. More information about the updated URLA can be found here.

In addition to announcing the implementation dates of the URLA and new AUS, the following Fannie Mae-Specific documents were also published/updated:

  • DU Implementation Guide MISMO V.3.4
  • DU Specification MISMO V.3.4 Test Case Suite
  • Fannie Mae DU Wrapper 

TRID Construction Disclosure Guidance
The Consumer Financial Protection Bureau published two additional guidance documents related to disclosing construction and construction-permanent loans under the TILA-RESPA Integrated Disclosure Rule. The documents provide guidance and illustrative examples to address frequently asked questions about the TRID and Regulation Z provisions related to completing disclosures for these types of loans. The Combined Guide provides guidance for disclosing the construction and permanent financing phases together, and the Separate Guide provides guidance for disclosing the phases separately.

2020 Conforming Loan Limits
The Federal Housing Finance Agency announced it has raised the maximum conforming loan limits for mortgages Fannie Mae and Freddie Mac purchase in 2020 from $484,350 to $510,400. In high-cost areas, such as Los Angeles, New York, San Francisco and Washington, D.C., the maximum loan limit will be $765,600, which is 150 percent of the nationwide conforming loan limit.

HMDA Filing Tips
The Consumer Financial Protection Bureau issued HMDA filing tips for the 2019 reporting year to assist institutions in preparing their Loan Application Register for submission. The filing tips included pointers on the registration process, pre-filing tools, file upload instructions and submission troubleshooting tips. More information and a detailed explanation of these filing tips as well as access to the filing platform is available here.

Iowa Land Records Requests Feedback
Using the Iowa Land Records search website and e-submission service, IMA members are able to efficiently serve their customers across the Iowa. In order to continue to improve the search website and the e-submission service, Iowa Land Records is asking for feedback from IMA members. By taking this brief survey, you will provide valuable feedback to the Iowa Land Records team as it begins planning for a new and improved e-submission customer interface and future improvements to the search website. Complete the survey.

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