IMA Prime Times: October 2020 Iowa Mortgage Association

October 2020

Thank You!
At the time I am writing this, we are all tuned into our first ever virtual IMA conference. The presenters have all been great!

I am truly honored to have been the president for the previous year and am very excited for the year to come. Your 2020-21 president, Tim Lamb, is an awesome and energetic leader with a true passion for what he does. If you haven’t had the chance to meet or talk to Tim, I encourage every one of you to reach out to him and say hello.  

The past year has been one of craziness to say the least. Record volume with record low rates is something that none of us expected when the year began. The country has a long way to go until we are through the tough times that some people are experiencing, but if we all stay strong we will see a great future.

I feel like a broken record at times, but please take the time to be with your family during these busy days. Also, remember to look out for those who are struggling. Although we are all probably having record years, there are those that are in need. Please consider a financial donation to those that need it the most. Nothing will make you feel better than helping some up while they are down.

Don’t forget to vote now or up to Nov. 3. The decisions that are made this year will impact our future immensely. Some people feel that one vote won’t matter, but believe me it does. Get out and vote.

Lastly, I hope you all stay safe during these time. Wear a mask when needed, wash your hands and keep your distance from others when available.

Thank you again for the last year!

Scott Brekke
Great Southern Bank

IMA Elects New Leadership
The Iowa Mortgage Association recently elected officers and directors to serve on its 2020-21 board of directors. These leaders assumed their roles during the IMA Fall Live event on Oct. 12.


Officers for the IMA executive committee are as follows:

  • Tim Lamb, Collins Community Credit Union in Cedar Rapids, president (pictured)
  • Chuck Simmons, Motto Mortgage in West Des Moines, president-elect
  • Jennifer Coyle, American National Bank in Council Bluffs, vice-president
  • Jo Van Patten, Northwest Bank, Arnolds Park, secretary/treasurer
  • Scott Brekke, Great Southern Bank, Sioux City, immediate past president

Officers were nominated and approved by IMA member organizations from across the state. The IMA executive committee leads the board of directors, which is responsible for setting policy and overseeing the general operation of the IMA.

Also serving on the 2020-21 IMA board of directors are:

  • Travis Eagle, MidWestOne Bank in Iowa City, serving as member-at-large
  • Jessica Greving, Residential Mortgage Network in Coralville, serving as member-at-large
  • David Horak, MGIC in Urbandale, serving as member-at-large
  • Omar Jordan, LenderClose in West Des Moines, serving as member-at-large
  • Casey Purcell, Clear Lake Bank & Trust in Clear Lake, serving as member-at-large
  • Tom Schulte, Community 1st Credit Union in Cedar Rapids, serving as member-at-large
  • Nathan Smithey, Iowa Bankers Mortgage Corp. in Johnston, serving as member-at-large
  • Andrew Yamilkoski, Heartland Credit Restoration in Hiawatha, serving as member-at-large

Thanks for Attending IMA Fall Live
Thanks to everyone who joined us for the IMA Fall Live event. Mortgage professionals from across the state were able to gather remotely this year to gain some insights, education and some motivation. The IMA hosted five sessions throughout the week on personal and professional growth, making your writing more effective, compliance, and success through failure. Many thanks to the sponsors who helped make this event possible.

IMA Fall Live Sponsors

The IMA is planning a series of webinars for early 2021 on business planning, marketing, using your CRM effectively and more. Watch your email and Prime Times for details.

More Than 100 Recognized for 2019 Production
The IMA recognized more than 100 Iowa mortgage professionals during the IMA Fall Live event with the annual President's Club and Winner's Circle Production Awards. The awards were presented to loan originators for their outstanding production in 2019. View the complete list of winners.

HUD Finalizes Disparate Impact Rule
The U.S. Department of Housing and Urban Development finalized its revised standard for bringing “disparate impact” claims under the Fair Housing Act. Proposed last summer, the final rule conforms HUD’s 2013 disparate impact rule with the Supreme Court’s 2015 decision in Texas Department of Housing and Community Affairs v. Inclusive Communities Project, which recognized disparate impact analysis to demonstrate discrimination claims under the FHA but added key limitations to ensure the burden of proof in disparate impact cases is with the plaintiffs.

To do this, the final rule adds five elements that must be included in disparate impact claims under the FHA. Specifically, plaintiffs will be required to plead that:

  • A challenged practice is arbitrary, artificial and unnecessary to achieve a valid or legitimate objective;
  • A “robust causal link” between the challenged policy or practice and the disparate impact;
  • The challenged policy or practice has a harmful effect on a protected class;
  • The disparity is significant; and
  • There is a direct relation between the injury and the challenged policy or practice.

Read the final rule.

HUD Underwriting Guidelines for FHA Loans in Forbearance
The U.S. Department of Housing and Urban Development has issued underwriting guidelines for borrowers who were previously granted forbearance due to COVID-19 or another presidentially declared disaster. Lenders may begin to implement the guidance immediately upon issuance of the Sept. 10, 2020 Mortgage Letter and it must be applied to all loans with case numbers assigned on or after Nov. 9, 2020. 

According to the guidelines, borrowers who remained current on their payments during their forbearance period are immediately eligible to refinance their current FHA-insured mortgage or obtain financing for a new loan. Borrowers who missed payments during their forbearance period but have since resolved their financial hardship and exited their forbearance agreement will require waiting periods of varying lengths depending on the loan type. Read the HUD Mortgagee Letter 2020-30.

To remove yourself from this mailing, click here.