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| Iowa Mortgage Association - Prime Times Jul 18, 2007 In this issue: President's Message Make Your Playbook Full of Winning Strategies with the IMA 54th Annual Convention! CampusMBA Courses Approved for Iowa Continuing Education Credit Subprime Mortgage Lending Statement Summary New Appraisal Legislation Effective July 1, 2007 FREE Owner's Coverage from Title Guaranty Federal Home Loan Bank of Des Moines Rural AHP Subsidy Grant Program USDA Rural Development Celebrates June Homeownership Month Member Spotlight: Amber Lampe President's Message  Becki Rogers-Neese IMA Members, The summer is flying by so fast…don’t let the great weather turn to cold without spending a few days with your family, uninterrupted time with no cell, computer or blackberry. We recently attended a wedding in Indiana and just spent 4 short days re-connecting; it’s the best time you will spend. With all of your responsibilities as mortgage professionals the need to do that re-connecting is more and more important, so don’t let work consume you…live a little! Your Board of Governors has been busy moving the association forward with various projects. Some you will see at the convention, others are quietly working behind the scenes. One that you will likely see at the convention is the Iowa Certified Mortgage Professional test. The education committee is working to make the test available to approved candidates to take at the convention. There was a little lapse in the test process, but the Education committee co-chairs, Deb Sullivan and Teresa Carley-Brown are working very hard to make that happen for you in September. Other projects like additional member benefits that continue to grow as we pursue different options. We would like your ideas on what types of additional member benefits you would like to receive. A few years ago we did a membership survey and we have put some of those suggestions in place, but if you know of other benefits that you would like, please contact me and we will look into getting them for you. Reserve your spot today to attend our 54th Annual Fall Conference. “Make Your Playbook full of Winning Strategies” will be full of information and education to help you build your business and get a jump on your competitors with the latest in vendor services, education and networking. And, as always, we manage to work in a little fun on the golf course too! Here is this month's PAC challenge…for the next 5 people who donate $50, or more, to PAC by July 31st, I will send the book “The Little Red Book of Selling” by Jeff Gitmore. If you’ve not read this book, it is packed full of common sense sales ideas and selling tips. It’s an amazing little book, and it can be yours. Once you submit your donation to PAC, e-mail me at becki_rogers-neese@countrywide.com and I’ll send the book along! Remember the deadline is July 31st, 5:00 pm. See you at the Fall Conference! Becki Rogers-Neese
Make Your Playbook Full of Winning Strategies with the IMA 54th Annual Convention! Make Your Playbook Full of Winning Strategies with the IMA 54th Annual Convention!  September 5-7, 2007 • Downtown Des Moines Marriott Designed to help you “make your playbook full of winning strategies”, become more knowledgeable about the mortgage industry and increase your awareness about pressing issues, the Convention is a must for any mortgage professional. This year’s event has sessions on finding the passion in your life and business, down-to-earth mortgage tips, understanding mortgage fraud, loss mitigation, appraisals and more! Take the opportunity to network with your peers, explore the products and services available in the exhibit hall and gain perspective from the educational speakers. September 5 – Golf Outing at Briarwood Golf Course in Ankeny To register for the Convention see the IMA Calendar of Events at - www.iowama.org/calendar.cfmDon’t miss this great event! CampusMBA Courses Approved for Iowa Continuing Education Credit CampusMBA Courses Approved for Iowa Continuing Education Credit  The Iowa Mortgage Association is pleased to announce 12 online courses from CampusMBA, the education arm of the national Mortgage Bankers Association (MBA) are now approved by the Iowa Division of Banking for Iowa Continuing Education Credit for non-exempt mortgage bankers and brokers. Approved classes include: Appraisal 101 - 3 hours Subprime Mortgage Lending Statement Summary Subprime Mortgage Lending Statement Summary Paul Smith, Senior Legal Counsel American Bankers Association On June 29, 2007, the Agencies issued the final "Statement on Subprime Mortgage Lending", which had been proposed in March of this year. The final statement is largely unchanged from the proposal. Scope of the Statement While the Statement purports to be limited to ARM loans made to subprime borrowers, the Agencies note that institutions generally should look to the principles of the Statement when ARM products are offered to non-subprime borrowers. That description is illustrative and contains a number of characteristics - such as a FICO score of below 660, a debt-to-income ratio of 50% or greater, having 2 or more 30-day delinquencies in the last 12 months -- any one of which could be used by the Agencies to find that the borrower was subprime. As the ABA noted in its comment letter, this likely will cause covered lenders to apply the protections of the Statement expansively to anyone who meets any of the characteristics set out in the 2001 guidance. Covered Entities The Agencies warn that subprime loans could be predatory and that lenders need to be sure that they are not engaging in predatory lending. Institutions should verify and document the subprime borrower's income (both source and amount), assets, and liabilities. Lenders may offer stated income and reduced documentation loans to subprime borrowers, but the Agencies note that such loans are appropriate only if there are mitigating factors that clearly minimize the need for direct verification of repayment capacity, such as substantial liquid reserves or assets. This information should be provided in a timely manner to assist consumers in the product selection process, not just upon submission of an application or at consummation of the loan. Thus, as noted in the Statement, the information should be given in advertisements, oral statements, and other promotional materials. The Agencies do not prohibit prepayment penalties, but they note that such penalties should not exceed the initial reset period, with at least a 60-day period prior to the reset date to refinance without penalty. Editor's Note: This article was reprinted with permission and first appeared on the AmericanBankers Association web publication, The Compliance Source, on July 2, 2007 New Appraisal Legislation Effective July 1, 2007 New Appraisal Legislation Effective July 1, 2007 The Iowa Legislature recently enacted SF 137 during the 2007 legislative session, setting forth some new provisions under Chapter 543D, which regulates certified and associate real estate appraisers in Iowa. The bill was brought by the Iowa Attorney General and was signed into law this Spring by Governor Culver - becoming effective July 1, 2007. The bill is divided into three main parts, with the first part being a codification of current uniform appraisal standards related to education and experience requirements, along with ethical standards. The second part of the bill is the piece that has generated some questions from IMA members, dealing with penalties for improper influence of an appraisal assignment. This new section of law prohibits lenders, brokers, originators, realtors, clients (buyers or sellers) or anyone else involved in a real estate transaction from improperly influencing the result of a real estate appraisal through coercion, bribery or extortion. It will also be improper under this section to withhold or threaten to withhold an appraisal fee conditioned upon a predetermined value. These practices have also constituted a fraudulent practice under the Iowa Consumer Fraud Act. The final part of the bill outlines a regulatory program for the registration of associate real estate appraisers as defined by Chapter 543D - and requires these individuals to register with the Iowa Appraisal Board before working under the direct supervision of a certified appraiser on appraisal assignments for which certified appraisals are required. This does not however expand the categories of appraisals required to be performed by a certified appraiser under state or federal law. Prior to this section of the bill, an appraiser who had his certification revoked by the Appraisal Board could have lawfully continued to work under another certified appraiser. This left a regulatory loophole where the board could have taken action against the certified appraiser for shoddy work, but left the revoked appraisers (who were often responsible for the work) free to find other certified appraisers who were willing to sign their appraisals. The Iowa Appraisal Board, Iowa Division of Banking and the Consumer Protection Division of the Iowa Attorney General have recently published a Q & A regarding SF 137. One of the questions of this Q & A which has sparked concern among IMA members relates to whether a lender can tell an appraiser the value they want to reach, and/or whether a certified or associate appraiser can accept such an assignment. The issue at hand is that it is a common practice for many lenders to include estimated values on appraisal order forms – not as a vehicle for any kind of coercion or fraud – but just as an accommodation to the appraiser for a practical guideline (this is particularly relevant for refinance transactions). The Q & A does answer this question by stating that although it is not a per se violation of the new statute to include this value on an order form, any action telling an appraiser the value a person want to reach may raise red flags regarding at least the appearance of impropriety. The Attorney General recommends as a “best practice” going forward to avoid stating estimated values on appraisal order forms for refinance transactions where there is no accompanying purchase agreement (see also however question # 8 on the Q & A as it is perfectly acceptable to state the sales price in purchase transactions). If you maintain the use of estimated values on appraisal order forms – there must be a clear, documented understanding between the lender, client and appraiser regarding the independence required of the appraiser in reaching values. The IMA will publish additional information regarding this new law as soon as it becomes available. To view the Q & A, please click FREE Owner's Coverage from Title Guaranty FREE Owner's Coverage from Title Guaranty Title Guaranty offers two different kinds of coverage. Lender's Certificates guarantee the lender that the title is clean and that the mortgage is a valid first lien on the property. Owner's Coverage, on the other hand, guarantees homeowners that they have marketable title. All homebuyers who purchase property on or after April 1, 2007, are eligible for a free Owner's Certificate when it is issued concurrently with a Lender's Certificate. Free owner's coverage will be available for properties used as a primary residence valued at $500,000 or less, when issued on 2006 ALTA forms. 2007. Contact Title Guaranty at 800.432.723 for complete details. Federal Home Loan Bank of Des Moines Rural AHP Subsidy Grant Program Federal Home Loan Bank of Des Moines Rural AHP Subsidy Grant Program In partnership with Union State Bank in Winterset, the Iowa Finance Authority (IFA) received a $210,000 grant from the Federal Home Loan Bank (FHLB) that provides $3,000 for down payment and closing costs for first-time home buyers. IFA participating lenders must use this FHLB AHP Grant in conjunction with FirstHome and FirstHome Plus to help Iowans purchase homes in communities where the population does not exceed 25,000. For more information about the FHLB AHP Rural Subsidy Grant, please contact Sharon Murphy at Iowa Finance Authority at 800.432.7230 or email sharon.murphy@iowa.gov or see the IFA website. www.iowafinanceauthority.gov/en/for_lenders_realtors/index.cfm?nodeID=11196&audienceID=1USDA Rural Development Celebrates June Homeownership Month USDA Rural Development Celebrates June Homeownership Month
USDA Rural Development in Iowa celebrated June Homeownership Month by hosting more than 20 events all around the state last month. Activities included lender trainings, homeownership workshops, new lender and realtor recognitions, along with many special announcements. Tom Dorr, Agricultural Under Secretary for Rural Development, also made a personal visit to a family in southeast Iowa in early June to help them celebrate their new home. A loan from Rural Development allowed a single parent the chance to move back to Iowa to receive better education options for her child, and be closer to family. "National Homeownership Month is a time to reflect on the important role homeownership plays in American society, especially in rural America," said Mark Reisinger, USDA Rural Development State Director in Iowa. "Homeownership is a bedrock of the American economy, helping to increase jobs, boosting demand for goods and services and building prosperity." Rural Development's Guaranteed Loan Program is for moderate-income individuals. This program is administrated by a local lender who takes the application, processes it and determines the acceptability of the home to be financed. The agency's Direct Loan Program helps very low income individuals buy homes in communities with 20,000 people or less. There is no down payment required. To learn more about Rural Development's housing programs, please call (515) 284-4666 or visit www.rurdev.usda.gov/ia.Member Spotlight: Amber Lampe Member Spotlight: Amber Lampe  Name: Amber Lampe, ICMP Company: Valley Bank Prime Times: What is your current position? Prime Times: How did you get started in the mortgage business? Prime Times: Were you an immediate success? Prime Times: When did you begin to realize that you were successful? Prime Times: What mistakes do you think new loan originators typically make? Prime Times: What differentiates you and your company from other originators and companies? Prime Times: What is your most successful sales tool? Prime Times: Who or what was the biggest contributor to your success? Prime Times: If you could change one thing about the mortgage business, what would that be? To remove yourself from this mailing list, click here. |
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