IMA Prime Times: June 2020 Iowa Mortgage Association

June 2019

Pandemic Brings Change to IMA
During this uncertain time, we have all probably made significant changes to the way we live and also to the way we do business. Many of us have done things for the first time. Heck, I did my first ever Zoom call during the pandemic, and now it seems to be the new normal for me.

Now comes the time for our organization to try something new for the IMA Fall Conference. Without knowing if we will be able to gather in large groups or even if l our individual employers will allow us to travel to large events, the IMA Board of Directors made the decision to hold a virtual event. I am truly excited about this and also aware of the unique challenge it will bring.

We have tried to make it easy and affordable to attend. There will only be one speaker per day, and IMA members can invite their entire staff to attend at no additional cost. This will allow staff members who don’t normally attend the opportunity to listen in and see what the IMA is all about. During this time, we will also recognize the top producers in the state with our annual production awards. The board is excited for this event and there will be more information coming your way in the future.

As always I hope you are all healthy and happy. Wash your hands and use hand sanitizer where needed.


Scott Brekke
Great Southern Bank

Fall Conference Replaced With Virtual 2020 IMA FALL LIVE
The Iowa Mortgage Association is taking things virtual this fall, with a week-long event called 2020 IMA FALL LIVE that is geared to fit the busy schedule of mortgage professionals. Members will also be able to invite their entire staff to participate in the event, held Oct. 12-16. A full week of events is planned to help mortgage professionals learn, engage and grow. For the health and safety of attendees, the IMA board of directors determined this year’s fall conference would not take place in person and instead will take place on a virtual format. More information will be available soon.

IFA Launches COVID-19 Iowa Eviction and Foreclosure Prevention Program
The Iowa Finance Authority recently launched the COVID-19 Iowa Eviction and Foreclosure Prevention Program which provides short-term relief to income-eligible renters and homeowners who have been experienced a documented loss of income due to COVID-19. 

Rental Assistance:

  • Can be provided for up to four months (this can include up to two months in arrears) beginning with April 1 rent payment.
  • $3,200 maximum per household.
  • Can include manufactured home rent and lot rent.

Mortgage Assistance:

  • Can be provided for up to four months (this can include up to two months in arrears) beginning with April 1 mortgage payment.
  • $3,000 maximum per household.

Eligibility criteria for the program includes: 

  • Current renters and homeowners
  • Unable to pay rent or mortgage payment due to a documented COVID-19-related loss of income on or after March 17.
  • Household income may not exceed: 80% of the median family income limit for the county at time of application.
  • Must not be receiving the $600 additional federal CARES Act stimulus unemployment benefit at time of application.
  • More eligibility requirements, including a pre-application screening tool is available at

CFPB Issues Updates to HMDA Small Entity Compliance Guide
The Consumer Financial Protection Bureau recently published updates to its Home Mortgage Disclosure Act Small Entity Compliance Guide. The updates reflect recent changes to the HMDA reporting thresholds, including a permanent increase in the threshold for closed-end mortgages from 25 to 100 loans and a permanent increase for open-end lines of credit from 100 to 200. Access the guide.

DOL Revises Overtime Rule
On May 18, 2020, the Department of Labor issued a final rule that has significant implications for mortgage loan officers who are not exempt from federal overtime pay requirements but receive the majority of their compensation through commissions. Through the rule, the DOL withdrew a list of industries that could not take advantage of the exemption from overtime pay requirements that is provided to employees who meet the criteria set forth in section 7(i) of the Fair Labor Standards Act. That section provides that employees in a “retail or service establishment” are exempt from overtime pay requirements if they receive more than half of their compensation in commissions and have a regular rate of pay that exceeds 1.5 times the federal minimum wage. 

The rule presents an opportunity to reassess whether commissioned MLOs should be reclassified as exempt from overtime pay requirements. Some industry experts argue that MLOs who meet section 7(i)’s requirements now fall within the section’s exemption, while others disagree. Employers should consult with their human resources legal counsel as they consider whether to reclassify eligible MLOs as exempt from overtime pay requirements.

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