IMA Prime Times: September 2020 Iowa Mortgage Association

September 2020

PRESIDENT'S MESSAGE
IMA Fall Live Shaping Up to Be a Great Event
The week of Oct. 12 is shaping up to be a great week, and it will also be a new way of bringing a conference to IMA members. I really hope you all sign up and plan to spend a little time with us each day.

We will kick off the conference Oct. 12 and announce the President Circle and Winner Circle production awards. We will even hear a little from Alex Weber who will also speak later in the week.

At 9 a.m. Tuesday through Friday, we will bring you a different speaker. See the full agenda and register. One registration fee will open it up for everyone within your organization to watch and enjoy.

I really hope everyone gets their organization to sign up for this event and show their support as the Iowa Mortgage Association tries a new way to bring you information in the current COVID environment.

As always, wash your hands and wear a mask when appropriate.

Thanks!

Scott Brekke
Great Southern Bank


ASSOCIATION UPDATES
Don’t Miss IMA Fall LIVE
The Iowa Mortgage Association’s 2020 IMA Fall Live virtual event will take place Oct. 12-16, with short sessions each day. The IMA will present five sessions that include great speakers, motivation, education and even a chance to network. One fee will cover registration for an entire organization. Sessions include the popular IMA production awards and the Mortgage Professional of the Year Awards. Speakers will share information about growth and goal setting, mortgage compliance, writing effectively for social media and overcoming failure for success. Learn more and register.

INDUSTRY NEWS
IFA Offers Relief From Evictions and Foreclosures Due to COVID-19
Assistance is available for Iowa homebuyers and renters through the Iowa Finance Authority COVID-19 Iowa Eviction and Foreclosure Prevention Program. The program 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 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.
  • $3,600 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, 2020.
  • Household income may not exceed 80% of the median family income limit for the county at time of application.

More information, including eligibility requirements, a pre-application screening tool and online applications, is available at iowahousingrecovery.com.

Fannie and Freddie Delay Implementation of New Refinance Fee
In early August, Fannie Mae and Freddie Mac, with approval from the Federal Housing Finance Agency (FHFA), announced they would impose a 50-basis point loan level price adjustment for essentially all mortgage refinances delivered on or after Sept. 1. On Aug. 25, the FHFA delayed the implementation of this controversial Adverse Market Refinance fee until Dec. 1. FHFA also announced Fannie Mae and Freddie Mac will exempt refinance loans with balances below $125,000 to benefit lower income borrowers. In addition, affordable refinance products Home Ready and Home Possible are also exempt.

2021 HMDA Guides Released
The Consumer Financial Protection Bureau released the Home Mortgage Disclosure Act Filing Instruction Guide for data collected in 2021 and reported in 2022. The CFPB also announced the release of the Supplemental Guide for Quarterly Filers that also applies to 2021 data. HMDA requires the quarterly reporting of data only for financial institutions that reported for the preceding calendar year at least 60,000 covered loans and applications, combined, exclusive of purchased covered loans. 

In connection with the announcements, the CFPB notes that based on a March 2020 Statement on Supervisory and Enforcement Practices Regarding Quarterly Reporting under HMDA, it does not intend to cite in an examination, or initiate an enforcement action, against any institution for failure to report its HMDA data quarterly.


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