IMA Prime Times: March 2020 Iowa Mortgage Association

March 2020


Spring Conference Canceled
Due to the novel coronavirus (COVID-19) and the rapidly escalating health concerns due to the spread of the disease, the IMA is canceling the IMA Spring Conference scheduled for March 24-25 in Coralville. The decision to cancel was based on the latest scientific data being reported and the fact that many businesses are now enforcing travel restrictions. This decision was made out of deep concern for the health and well-being of our registrants, staff, vendors and our community. Thank you for your support of the IMA.

Scott Brekke
Great Southern Bank

IMA Bootcamp Is May 14-15 in Johnston
This annual two-day seminar is a great opportunity to increase your skills as a mortgage loan officer. Designed for those who work in the mortgage industry, the seminar will walk you through the mortgage loan cycle and everything you need to be a stronger mortgage loan officer. This intense session will give you advanced knowledge of each step of the mortgage process and provide you with opportunities to learn from seasoned experts. Learn more and register.

CFPB Issues TRID Lender Credit FAQ
The Consumer Financial Protection Bureau has posted additional frequently asked questions related to the disclosure of Lender Credits under the TRID Rule to its TRID implementation webpage. Most of the FAQs are consistent verbal guidance previously provided by the CFPB staff. Some examples include expanded descriptions of general versus specific credits; the disclosure of such credits on the Loan Estimate and Closing Disclosure; and the ability to not disclose (or back out) fees that a creditor will absorb on the Loan Estimate and then subsequently disclose such fees on the Closing Disclosure.

GSEs Release Interactive URLA
Fannie Mae and Freddie Mac announced publication of the interactive (fillable) PDF versions of the redesigned Uniform Residential Loan Application with an effective date of “09/2020,” along with corresponding supporting documents. The announcement also lists a number of supporting documents, including an FAQ with new questions and updates in support of the changes made to the redesigned URLA and the GSEs' AUS specs. Mortgage lenders selling loans to Fannie or Freddie must begin using the new URLA no later than Nov. 1, 2020. Read the announcement.

CFPB Signals Extension of GSE QM Patch
CFPB Director Kathy Kraninger signaled in a letter to lawmakers that her agency will extend the temporary “GSE patch,” which grants Qualified Mortgage status to loans eligible to be purchased or guaranteed by Fannie Mae or Freddie Mac. The patch, which is scheduled to expire in January 2021, would be extended until an alternative rule could take effect or until one of the GSEs exits conservatorship. Kraninger added that the CFPB intends to propose an amendment to the QM rule to move away from the use of debt-to-income ratios as a QM qualification standard. Kraninger said that the CFPB is “working diligently” to issue a notice of proposed rulemaking “no later than May 2020.”

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