IMA Prime Times: February 2020 Iowa Mortgage Association

February 2020

PRESIDENT'S MESSAGE
Greatest President Ever, but He Should Have Been Impeached
Wait, is the president of the Iowa Mortgage Association really going to go there? Heck no, but I can bet that this headline grabbed your attention enough to read more. We have all seen headlines like this and have opened the story to read on. This got me thinking: What is your personal headline?

When one of my referral partners, customers or even one of my competitors hear the name Scott Brekke, I always wonder what is my headline that appears to them?

A lot of what I am speaking about relates directly to your personal brand. If your personal brand is not where you want it to be, you must make the changes necessary or you will soon find yourself on the outside looking in. I am excited to recommend two great events in the next two months that will offer you insight and tools to help you make this change.

The first event is the Spring IMA Conference March 24-25 at the Coralville Marriot Hotel & Conference center with networking at 6 p.m. on March 24 and conference on March 25. The conference planning team has put together a great list of speakers including Jordan Montgomery, who is a dominant force in the performance coaching industry, Greta Perel, and Alex Weber. The IMA will also honor Presidents Club and Winners Circle members. Visit the IMA website to register.

Also on March 24, there is a unique opportunity to attend The V Factor, presented by the 20/20 Women with Vision Team. This event will begin at 6 p.m. at the Coralville Marriot. It will feature Christine Beckwith, who will present her V Factor Lecture. Order tickets. Contact Laura Kay Sheeley with questions.

I truly hope your 2020 is off to a great start, and I look forward to seeing all of you at one of the two events mentioned above, if not before then.

Scott Brekke
Great Southern Bank


ASSOCIATION UPDATES
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.

INDUSTRY NEWS
Lenders Invited to Iowa Title Guaranty Stakeholder Meeting
Iowa Title Guaranty invites lenders to attend a lender stakeholder meeting at 1 p.m. Feb. 18 to receive an introduction to the software platform that Iowa Title Guaranty will be implementing this fall. Among many other benefits, the new platform will include all-party access, enabling realtors, lenders and homebuyers to view real-time workflow tracking to determine the status of the title work. The experts from Qualia Labs Inc. will provide a brief demonstration of the key platform features applicable to lenders. The meeting will be at Iowa Finance Authority (1963 Bell Ave., Suite 200 in Des Moines). Register for the meeting (capacity is limited). 

USDA Rural Development National Housing Integration Takes Effect
Effective Jan. 19, USDA Rural Development integrated the Single Family Housing Guaranteed Loan Program to a national model. Iowa’s loan processing and activity was transferred into the SFHGLP Origination and Processing Division. This integration will have no impact on access to USDA systems, and the Guaranteed Underwriting System can be continue to be used as normal. Loan requests can be submitted to SFHGLPONE@usda.gov. For general inquiries not related to a specific loan file, please contact sfhgld.program@usda.gov.

CFPB Updates HMDA Guide
The Consumer Financial Protection Bureau published an updated version of the HMDA Small Entity Compliance Guide (Guide). Changes to the Guide include updates to incorporate content from the HMDA final rule issued in October 2019. Updates also address institutional coverage for open-end lines of credit, transactional coverage for open-end lines of credit, partial exemptions, non-universal loan identifiers as well as information about the CFPB’s policy guidance on disclosure of loan-level HMDA data. Access the guide.

FDIC Fines Bank $1.35M For RESPA Section 8 Violations 
The FDIC announced a $1,350,000 settlement with HomeStreet Bank in Seattle for violations of RESPA. 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. 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.
Read the full text of the order.

Risks Associated With Digital Targeted Advertising
The Federal Reserve’s Division of Consumer and Community Affairs recently published an article in the Fed’s Consumer Compliance Outlook newsletter addressing the issue of redlining fair lending risk associated with targeted social media and internet marketing.  The article, titled “From Catalogs to Clicks: The Fair Lending Implications of Targeted, Internet Marketing” provides a thorough introduction to the manner in which targeted advertising works as well as a specific discussion of the fair lending and steering risks posed by use of targeted marketing. The article then details tips to reduce those risks. 


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