The recent challenges we hear about include company closings, guideline changes, government bailouts, mergers and acquisitions. These challenges are real and have affected all of us professionally and many of us personally. So where is the good that seems to be left out of the media coverage?

These challenges give us a chance to personally reflect on how we manage ourselves and our role in the mortgage industry. This reflection will be a wake-up call for all of us to get back to the basics of the mortgage business: the basics of education, customer service, networking, and legislative involvement. Once these basics are mastered, everyone wins - especially the borrower.

If we dig a little deeper into each of these elements we find this is a great time to educate ourselves about the changing mortgage industry and to also understand that this business is cyclical as is the economy around us. The challenges we face in the future will be different from those we face today. How we handle these challenges will be partly based on what we learn from today. Take advantage of the resources around you and learn about this business and what tools are available to help make you more successful.

The negative information out there is making the borrowing public increasingly jittery about working with mortgage lenders. Unfortunately a small number of unscrupulous loan officers have given the rest of the industry a black eye. This is a perfect time to polish up your customer service skills. This business is complex to the average person and many see this industry becoming even more complex with more legislation in the future. Your borrowers will be looking to you to be the expert in your field of mortgage lending. A more consultative approach to selling will be required to meet your borrower's needs.

Transactional based selling will see more legislative scrutiny in years to come. Borrowers in our industry will be looking for credentials and experience from their loan officer. They may not always be shopping for the lowest rate. In light of the recent events, borrowers will demand higher levels of service and expertise.

As we see the market and the borrower of today change, it is important to remind yourself that you are not in this business alone. Every week I run across solicitations from various groups in our industry. They are seeking participation of mortgage lenders in forums that facilitate networking and information sharing. The sources range from local groups to state and national groups and the formats range from webinars, to conference calls, to newsletters or meetings. No matter the format, they all have the same goal: to help you be the best you can be and to give you the opportunity to network with others in your industry. When it comes to networking, the old saying may be true "It's not always what you know, but who you know!"

The "who" you know in this business may, among other people, include members of government. Historically our industry has not been heavily regulated on the production side. Something tells me this is about to change. Our goal with the legislation of this industry needs to be proactive rather than reactive. Now, more so than ever, it is critical to spend time with your legislative leaders at the local, state and national level. If nothing else, know who your legislator is and how to contact him or her in the event you have an opinion to share. In this day and age our elected officials respond to their constituents based on the feedback they get whether it is from a poll or individual comments. Let's take advantage of the old adage, "the squeaky wheel gets the grease!" and let our voices be heard.

So after hearing all of this you may be wondering where does the Iowa Mortgage Association fit in? Believe it or not I have an answer. The four things I just spoke of:

Education, Customer Service, Networking and Legislative involvement

Executive Officers:

David Horak, MGIC, President
Christy Allison, Countrywide Home Loans, President-Elect
Kathy Klahn, First National Bank, Clinton, Vice-President
Roxanne Bobolz, Secretary/Treasurer

The Board of Governors:

Becki Rogers-Neese, Immediate Past President
Kevin Wosmansky, Heartland Mortgage Group, Clive
Steve Greig, Everbank, Urbandale
Eric Busch, Countrywide Home Loans, Clive
Amber Lampe, Valley Bank, Clive
Scott Warren, Genworth, Johnston
Skip Wells, University of Iowa Community Credit Union, Iowa City
Teresa Carley-Brown, Riverbend Home Mortgage, Bettendorf
Jack Hosking, First Nebraska Title, Omaha
Peggy Doerge, Iowa State Bank and Trust, Iowa City
Deb Sullivan, Valley Bank, Davenport
Larry James, James Mortgage, Des Moines
Tim Sebetka, Collins Credit Union, Cedar Rapids
Ryan Sesker, Bank Iowa, West Des Moines

The convention officially started the next day with sessions from Louise Thaxton talking about how to conquer the giant of mediocrity in your life followed by Steve Richman from Genworth Financial sharing a message about creating a growth business plan featuring specialization. The Convention continued with sessions on Desktop Underwriter, loss mitigation, USDA guaranteed loan program and mortgage fraud. Also included in the day was time to browse the exhibit hall featuring 10 vendors. The day concluded with the annual President's Social. This year's "Jimmy Buffet Party" was a great time for everyone and was complete with casino games, games, chair massages and more!

The convention continued on Friday with a full breakfast and a special presentation from Karen Oberman from Forsythe Appraisals. Karen shared her expertise of the appraisal process and how loan originators and appraisers can work together for success. The morning followed with a closing session from Tana Goertz from The Apprentice. Tana shared her experience of how she auditioned for the show and won a spot against millions of other applicants. She also talked about her personal triumphs and successes.

The convention concluded with the grand prize drawing sponsored by Genworth Financial. Congratulations to Roxanne Bobolz who won $1000 in cash. Thank you also to Roxanne, who donated $200 back to the IMA PAC.

The annual convention was a great success. Thank you to all the exhibitors and sponsors that helped make the event great!

While we still have a long ways to go to reach our goal, the Iowa Mortgage Association PAC is growing and it is thanks to your support. During the IMA Fall Conference through mulligan sales and individual donations we raised another $1000 in funds.

IMA Legislative Chair Kevin Wosmansky said, "It is vital our industry take an active role in the legislative process. I encourage all members to get involved in the process and also make a donation to the IMA PAC. By building a strong grassroots organization, IMA can have an active voice that will help strengthen the future of the mortgage industry."

Thanks to IMA Members who donated to the PAC*:

Roxanne Bobolz
Tom Heser
David Horak
Jack Hosking
Kathy Klahn
Robin Mallory

*represent a donation over $25.00.

It is helpful for each borrower to bring a handheld calculator and a pencil.
The course is instructed by Stephanie M. Clark, Operations Training Lead, RMIC
ICMP Hours - This seminar qualifies for 4 ICMP credit hours.
State of Iowa CEC - Qualifies for 3 hours of state CEC credit

About the Speaker - Over the last 18 years, Chip Cummings has been an originator, broker, banker, and President of both large and small mortgage companies, with almost $1 billion dollars in originations under his belt. Selling his mortgage company in 2000, he provides training for mortgage companies and associations throughout the country. Chip is a certified trainer for NAMB, past President of the Michigan Mortgage Brokers Association, NAMB National Education Committee, National Trainer for Ellie Mae and Genesis 2000, and still originates residential and commercial loans.

State Continuing Education Credit - 6 Hours
ICMP Hours 8 Hours

The revised booklet describes how these loans typically work, showing how much (and how often) monthly payments could increase, and how the loan balance could increase if minimum monthly payments are made. The booklet includes a mortgage shopping worksheet to help consumers compare the features of different products, and a glossary to help them understand some of the terminology.

Under the Board's Regulation Z (which implements the Truth in Lending Act), creditors must provide a copy of the CHARM booklet, or a suitable substitute, to consumers with every application for an adjustable rate mortgage loan. The Board is publishing a notice in the Federal Register informing creditors that they may begin immediately using the revised CHARM booklet, but also have the option to continue using their existing stock of CHARM booklets until October 1, 2007, the date when they must use the revised CHARM booklet (or suitable substitute) to comply with Regulation Z.

When you are ready to sign up for your $99 yearly subscription e-mail IMA's Darcy Burnett at dburnett@iowabanker.com for the IMA membership code.

GUS dramatically speeds traditional manual underwriting processes for Rural Development's Single Family Housing Guaranteed Loan Program by automating application and credit decision recommendations. Automation is also applied to property and adjusted-income eligibility determinations now appearing in seconds.

GUS brings Rural Development guaranteed loan origination automation up to industry standards and improves the consistency of loan underwriting recommendations and decisions.