Over $2500 Raised for PAC at IMA Convention

Thank you to all who made donations to the IMA PAC during the IMA Annual Convention.
Between mulligan sales at the golf outing and contributions at the convention, the IMA PAC has
now raised over $4400 this year. While we still have a long ways to go to reach our goal, this is
a great start. Thank you to all who have made donations to the IMA PAC.

If you would like to make a donation to the IMA PAC remember, all contributions must be
voluntary and must be in the form of a personal check. Checks can be mailed to: IMA PAC, 8800 NW 62nd Ave., PO Box 6200, Johnston, IA 50131-6200

PAC Challenge Participants

At the Fall Conference Becki Rpgers-Neese challenged the membership to contact their local legislative representatives. She pledged that for each contact they made she would make a $1.00 donation to PAC. We are happy to announce that the following members took her up on the challenge and she will be sending a check for $25.00 to our PAC.

Linda Bessey, 2 contacts
Diane Overstreet, 1 contact
Lane Laffler, 1 contact
Lou Piatt, 4 contacts (way to go Lou!)
Peggy Doerge, 1 contact
Scott Brekke, 5 contacts (great job Scott!)
Dave Horak, 2 contacts
Christy Allison, 3 contacts
Teresa Carley-Brown, 1 contact

We have added legislative links to the IMA website to make it easier for you to stay in touch with your elected officials, feel free to use it often!

Congratulations to all the participants!

IMA Offers New Member Benefit

Iowa Mortgage Association has a valuable membership with Working Advantage and our members now have access to exclusive discounts for movie theatres, movie rentals, theme parks, ski tickets, Broadway theatre, special family events, online shopping and much more.

Registering is easy. Simply go to the Working Advantage website at www.workingadvantage.comand click on "Register". Using our Member ID, you may complete your one-time registration for free and create your own personal account with a password of your choice. Once you have registered, you can order either online or by phone at 1-800-565-3712 Monday through Friday 8:00 a.m. to 6:30 p.m. and Saturday 9:00 a.m. to 5:00 p.m. ET.

We hope you will take advantage of their discount offers so you can save up to 40% on popular attractions such as Universal Studios, Sea World, Regal Cinemas, AMC Theatres, BLOCKBUSTER(r), sporting events and some of the hottest shows on Broadway! If you have any questions about any discounts, please call Working Advantage at 1-800-565-3712.

If you would like to view their current order form, click on the link below.http://www.workingadvantage.com/docs/orderform/order_form.pdf

Life & Business Planning Workshop

Tuesday, December 5- West Des Moines
Wednesday, December 6 - Coralville
Join the IMA for this new half-day seminar focusing on life and business planning. This seminar, presented by David Bush, includes down-to-earth information and ideas that you can use immediately to increase your business and help plan your life. This event is designed for loan originators, managers and anyone else who would like a step-by-step approach to life and business planning.

Creating a Life Plan
o What is a Life Plan?
o Why do I need a Life Plan? Balance, Focus and Direction
o Creating your Life Plan
o Creating a Business Plan
o What is a Business Plan?
o Why do I need a Business Plan
o Creating Your Business Plan
o Where are you at today? (Establishing a baseline)
o Where do you see yourself in … 3 months? 6 months? 12 months? 24 months? or 36 months?
o Implementing Your Plan

David Bush, is the founder and president of eLifePlans.com, a web-based organization that specializes in helping individuals to grow both personally and professionally and MyMortgageCommunity.com, the premier online community for mortgage professionals. David has enjoyed both a successful professional football career with the Iowa Barnstormers of the arena football league and he has been a top sales performer and business owner in the field of home mortgages.

Online registration and complete details are available on the IMA website at www.iowama.org.

IMA members meet with Representative Tom Sands

In September, IMA Executive Committee members Kevin Wosmansky and Steve Greig met with Representative Tom Sands. Sands, from Columbus Junction has been a key advocate for the IMA.

Wosmansky and Greig shared the IMA's legislative priorities including discussions on predatory lending and title insurance. They encouraged Sands to contact local mortgage lenders as a resource on mortgage issues and offered to visit with each of their respective caucuses about any mortgage issues that may emerge during the legislative session which begins in January and runs 110 days.

On behalf of the IMA membership, Wosmansky and Greig presented Sands with an IMA PAC donation. The IMA PAC raises funds for legislative candidates running for state legislature and statewide office. IMA is committed to building a strong grassroots organization and will continue to reach out to Iowa legislators to talk about the association's legislative priorities.

If you would like to make a donation to the IMA PAC remember, all contributions must be voluntary and must be in the form of a personal check. Checks can be mailed to: IMA PAC, 8800 NW 62nd Ave., PO Box 6200, Johnston, IA 50131-6200.

GAO: BETTER INFO NEEDED ON NONTRADITIONAL MORTGAGES

Federal banking regulators should do a better job of explaining the workings and potential risks of interest-only and other nontraditional mortgage products, the Government Accountability Office said in a report released yesterday during testimony before two Senate Banking Committee subcommittees. "Although lenders and certain brokers are required to provide borrowers with written disclosures at loan application and closing, federal standards on these disclosures do not currently require specific information on [alternative mortgage products] that could better help borrowers understand key terms and risks," the report said.

Regulators have taken proactive steps to address such lending -- including issuing draft guidance calling for tightened underwriting, enhanced risk-management policies and better information for consumers -- but information on its specific risks is not currently required, Orice Williams, GAO director for financial markets and community development told the subcommittees. "Therefore, we recommended in our report that as the Federal Reserve Board reviews Regulation Z, it consider improving the clarity and comprehensiveness of mortgage disclosures by requiring language that explains key features and potential risks specific to [alternative mortgage products]," she said.

REGULATORS: PROPOSED GUIDANCE WOULD MITIGATE RISKS

Banking regulators told the two Senate Banking Committee subcommittees that their proposed interagency guidance on nontraditional mortgage products -- issued last December -- directs financial institutions to recognize and mitigate the risks inherent in such products. "This includes ensuring that loan terms and underwriting standards are consistent with prudent lending practices, with particular attention to conducting a credible analysis of a borrower's repayment capacity," said Kathryn Dick, deputy comptroller at the Office of the Comptroller of the Currency. "[The guidance] also includes ensuring that consumers are provided clear and balanced information about the relative benefits and risks, sufficiently early in the process to enable them to make informed decisions." The comment period on the proposed guidance closed March 29, and regulators are considering about 100 comment letters.

FED LEAVES RATES UNCHANGED

The Federal Reserve's Federal Open Market Committee yesterday left the federal funds rate unchanged at 5.25 percent. The FOMC said that the moderation in economic growth appears to be continuing, partly due to a cooling housing market. "Inflation pressures seem likely to moderate over time, reflecting reduced impetus from energy prices, contained inflation expectations, and the cumulative effects of monetary policy actions and other factors restraining aggregate demand," the committee said in a statement.

Title Guaranty Rapid Certificate Program Gains Momentum

The word is out about Title Guaranty's new Rapid Certificate Program! From a lender's perspective, this program is one of Title Guaranty's most significant improvements. This program is designed to eliminate delays caused by unreleased mortgages and provide Title Guaranty Certificates to lenders as quickly after closing as possible. It's important to realize that most lenders have only about 90 days to deliver loans to the secondary market. After that, they are often penalized, usually with fines. The Rapid Certificate Program is only available on field-issued Certificates - Title Guaranty Attorneys and Abstractors are able to offer this service.

How it works
After closing, the abstract is updated to show the documents filed of record, i.e. deed, mortgage, affidavits, etc. Rather than waiting for the release of the just-paid prior mortgage to be recorded, the abstract is immediately returned to the attorney for a final examination. A participating attorney or abstractor issues the final Certificate without delay. The unreleased mortgage must be shown as an exception on Schedule B of the Certificate. The "Loss Mortgage Lien" Endorsement is issued along with the Certificate to cover the lender for any loss related to the unreleased mortgage. This enables lenders to rapidly deliver loans to the secondary market.

Keeping the records clean
Because Title Guaranty is committed to keeping our land title records clean, the issuing attorney or abstractor must notify Title Guaranty when the release is ultimately filed; we do not require an abstract update to show the release. If the release is not filed within six months of closing, we will ask you to use our Mortgage Release Program. You will need a copy of the payoff statement and proof of payment. It's a win-win situation: The process is quick, and it keeps Iowa's land title records clean. When using the Mortgage Release Program in conjunction with the Rapid Certificate, Title Guaranty pays for recording the release. It's simple and it eliminates one of the most frequent concerns we hear from lenders - getting the Certificate in a timely manner in order to deliver the loan to the secondary market.

How to participate
Attorneys and Abstractors must execute the Rapid Certificate Program Agreement, which is available at www.IowaFinanceAuthority.co, along with detailed instructions on the program. Now, more than ever, working with Title Guaranty just makes sense! To learn more, contact Linda Berg or Becky Peterson at 800.432.7230 or 515.725.4900.

Title Guaranty is a Division of the Iowa Finance Authority and offers a low-cost mechanism to guarantee title to real property in Iowa. Working in cooperation with attorneys and lenders throughout the state, Title Guaranty helps ensure the integrity of the land title transfer system and facilitates lenders' sales to the secondary mortgage market. Title Guaranty is setting the standard for price and quality.

10+ MISTAKES (THE WORST) ORIGINATORS MAKE

No one wants to be "the worst" at anything, let alone their chosen profession. However certain attitudes and poor business habits can slowly chip away at your success, causing you to lose clients, referrals, income and satisfaction in your professional life. It doesn't have to be that way. Learn to avoid these mistakes before you make them!

1. BEING UNRESPONSIVE TO CUSTOMERS - Simple little things like returning phone calls and emails promptly, delivering information quickly and in an easily understandable format, guaranteeing timely loan approvals and anticipating customers needs in advance go a long way to make a memorable impression.

2. NOT UNDERSTANDING WHAT CUSTOMERS WANT - Studies have shown that customers want three things. First, they want information on their loan as soon as it's available. Two, they want to feel in control of the process (you help them with that by supplying them with adequate information so they have choices). And three, they want to know you really care about them and their loan.

3. THINKING THEY COULD DO IT ALONE - Partnering with other originators, agents, title companies, corporations, etc will cut the effort in half and multiply the results. Plus, it's more fun!

4. BECOMING "TOO BUSY" TO MARKET - If you want to STAY busy, you have to keep the pipeline full - so keep marketing. If you can't do it alone (see above) then hire an assistant or outsource it. Statistics show monthly touches are the most effective. It can be a phone call or a greeting card but keeping in touch will result in an increase in repeat and referral business. And don't forget prospecting new business. Find a niche and plan a way to reach it.

5. DOING EVERYTHING THEMSELVES - Delegating time consuming tasks, keeping up with technology and regularly reviewing and updating your systems becomes crucial as your business grows. If you want to grow your business, you have to work smarter.

6. LETTING THEIR BUSINESS RUN THEM - Reacting to every crisis, phone call and problem without stepping back to envision a well run, more profitable venture is the antithesis of the successful originator. Plan your business. Then work your plan.

7. FAILING TO DIFFERENTIATE THEMSELVES - Why should people work with you rather than the next person? Identify your strengths and market them as assets. Perhaps you're adept at walking first time property buyers through the loan process. This could make you a First Time Homebuyer Specialist. Or maybe you've learned a lot about debt restructuring and investing. You could partner with a financial planner and market your knowledge of mortgages as a tool for helping clients achieve their dreams.

8. FORGETTING TO THANK THOSE WHO SUPPORT THEM - A little appreciation goes a long way. Remember your referral sources so they remember you.

9. NOT MAKING TIME TO STAY EDUCATED - Other than medicine there are likely few professions where education is as important. Time block reading time daily to stay current on laws, products and technology in your industry.

10. THINKING OF THEMSELVES AS A MEDIOCRE (OR WORSE) ORIGINATOR - What you think you become. Hold on to the image of yourself as the kind of success you want to be and it WILL come to pass. Be a constant student of self-improvement. Love what you do and realize you are making a powerful difference in people's lives.

P.S. Over the years I've interviewed dozens of the top producers nationally (www.topproducerstrategies.com) and everyone basically says the same thing, "this industry is not difficult to succeed in." The final mistake originators make:

KNOWING WHAT THEY SHOULD DO BUT NOT DOING IT - Make this the year you DID what you knew you needed to in order to become more successful. Commit to yourself, your family and your clients that you will plan and follow through on the plan to become better at what you do. There is truth to the quote that "the journey of 1,000 miles begins with a single step." Begin yours today.

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© 2006 by In Touch Today Corporation and its licensors. This article may be reproduced only in its entirety.

In Touch Today is a marketing company based in Denver Colorado that assists professionals in increasing their repeat and referral business as well as building professional referral sources and prospecting new clients. www.intouchtoday.com

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