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| Iowa Mortgage Association - Prime Times Apr 15, 2008 In this issue: President's Message 5th Annual IMA Golf Event - Now at Legacy in Norwalk Upcoming Education Seminars 2008 IMA Spring Conference has mortgage professionals working together for a better future HUD Proposes Major RESPA Overhaul FDIC Advance Fee Loan Scams USDA Rural Development Celebrating June Homeownership Month HUD/FHA Update 29 Low-Cost (even free) Marketing Ideas Member Spotlight: Brian Lampe President's Message President's Message  David Horak Here we are again on the front side of what we hope will be another good homebuyer season. Many people started the season out in a good way by attending the IMA spring conference on April 3. The turn out was one of the best we have had in recent years. The program was very timely with sessions full of information and ideas that were very pertinent to industry climate today. Mark your calendars for September as we will meet again in Des Moines for the fall conference. When you get a chance please take a minute to thank the following exhibitors and sponsors for our spring conference. Without them we would really struggle to make this a successful event. Sponsors:
Exhibitors:
Have a great spring. Continue to pay attention to our website for upcoming events.Your President, David Horak 5th Annual IMA Golf Event - Now at Legacy in Norwalk 5th Annual IMA Golf Event - Now at Legacy in Norwalk  Join IMA for the 5th Annual Golf & Networking Event on June 4, at Legacy Golf Club in Norwalk. Golfers, join your fellow mortgage professionals for a great day of fun on the course. Whatever your level of golfing skill, this event is for you! Legacy is a great course, widely acclaimed for its great layout, playing conditions, customer service, and convenient location. The format is a four-person best shot with a shotgun start starting at 11 a.m. Lunch will be served prior to tee off. Following golf, join us for a reception at the Legacy Golf Club in Norwalk. Not a golfer? Plan to join us at 4:00 for the social hour! There is no charge to attend. Great networking, good food and an opportunity to re-connect with old (and new) friends. Registration fee for golfers is $85 for IMA members and $125 for nonmembers. Click here to download a registration form. Upcoming Education Seminars Upcoming Education Seminars Lending Compliance Hot Topics April 22 - Johnston This 3-hour seminar will focus on the most frequently cited regulatory violations in the areas of:
Not only will problem issues be identified but the regulatory basis for the requirement will be explained and practical tips for compliance will be discussed. Register online at www.iowama.org.2008 IMA Spring Conference has mortgage professionals working together for a better future 2008 IMA Spring Conference has mortgage professionals working together for a better futureThis year's IMA annual Spring Conference was April 3 at the Iowa City Sheraton Hotel. This year's event had a tremendous turnout with over 150 mortgage professional attending the event. The convention started with an inspiring manager's session featuring former collegiate coach Mark Adams. Adams shared his ideas about how to coach your team to success. The event continued with another session from Mark Adams about thriving in a changing world. Next participants heard from noted economist Dr. Ernie Goss from Creighton University. Dr. Goss shared his research about the Midwestern economy and his predictions for short-term and long-term interest rates. The event continued with breakout sessions a mortgage industry update, Fannie Mae, and credit scores. Also included in the day was time to browse the exhibit hall featuring 6 vendors. The Spring Conference luncheon recognized Iowa mortgage professionals with the President's Club and Winners Circle Production Awards. Now in its fifth year, the awards were presented to 87 loan originators for their outstanding volume in 2007. The complete list of professionals is available on the IMA website.The convention concluded with the grand prize drawing sponsored by Security Escrow and Settlement. Congratulations to Dan Hillers from Cedar Rapids Bank and Trust who won $1000 in cash. A special thank you to the conference sponsors. The support of these companies helps make the event possible: AIG-United Guaranty, First Nebraska Title Company, Iowa Finance Authority, MGIC, PMI Mortgage Insurance Company, RMIC, Security Escrow & Settlement, SunTrust Mortgage and the University of Iowa Community Credit Union. The annual convention was a great success. Thank you to all the exhibitors and sponsors that helped make a great event! HUD Proposes Major RESPA Overhaul HUD Proposes Major RESPA Overhaul BankersOnline.com In 2004, when HUD withdrew its controversial July 29, 2002, proposal "Simplifying and Improving the Process of Obtaining Mortgages to Reduce Settlement Costs to Consumers," no one believed it was HUD's last word on the subject. After sending out several signals it was about to release a revised proposal, HUD dropped the other shoe in its March 14, 2008, "Proposed Rule To Simplify and Improve the Process of Obtaining Mortgages and Reduce Consumer Settlement Costs". The proposal would overhaul HUD's Regulation X implementing the Real Estate Settlement Procedures Act (24 CFR part 3500). With articles throughout the popular press trumpeting customer claims that they didn't understand the mortgage deals they entered into, it's not surprising that HUD is moving aggressively to tighten up disclosure requirements on real estate loans. This article provides a very brief heads-up on the highlights of proposed changes to the regulation that implements RESPA. We've also broken out the new model forms that are being proposed so you can start to get an idea about what they would entail. The comment deadline is May 13, 2008. Because the changes would be so substantial, HUD proposes to provide a one-year transition period following adoption of a final rule, during which compliance with the amended rule would be optional. Click here to read the complete article.The Cost of RESPA ReformBankersOnline.com HUD has provided several tables of estimated costs involved in complying with these new rules. The following recap of these costs may be of interest to you and senior management as you decide whether or not to submit a comment letter. Compliance Costs of the Proposed Rule As an industry, one-time costs involved in compliance for these two disclosures are estimated to be $570,000,000. The recurring costs for compliance are estimated to be $1,231,000,000. One Time Software Upgrade & Training Costs of the New GFE Editor's Note: Both articles on the proposed RESPA Reform initiatives were reprinted with the express permission of BankersOnLine and first appeared on www.bankersonline.com on March 14, 2008. BankersOnline has become one of the banking industry's premier sources of information and is a joint effort by Glia Group, Inc. and the Bankers Information Network.Both articles were authored by the Bankers-OnLine team led by MaryBeth Guard, Executive Editor and Principal of BankersOnLine.com. Mary Beth Guard spent many years as a banking lawyer, serving as general counsel for the Oklahoma Banking Department and the Oklahoma Bankers Association. She is nationally known as a banking speaker and author. Learn More About the RESPA Proposal FDIC Advance Fee Loan Scams Beware of Advance Fee Loan Scams The Federal Deposit Insurance Corporation (FDIC) is reminding consumers and financial institutions to be aware of advance fee loan scams. The FDIC has observed a significant increase in the number of unsolicited e-mails ("spam") advertising mortgage refinancing, debt consolidation and elimination, small business loans, and special loan programs for veterans and minorities. While some of these e-mails may advertise legitimate loan programs and lenders, advance fee loan scams are becoming more prevalent. Lenders are reminded to warn customers about these types of scams. Advance fee loan scams prey on consumers who may be under financial duress and may be seeking quick and easy loan approval and funding. The scam typically involves the lender making false promises to arrange for a loan in return for fees paid upfront by the loan applicant. Scam artists may even design Web sites and online loan applications giving the appearance that the company is legitimate. Fraudulent logos and letterhead of legitimate financial institutions or government agencies may also appear on documents that are faxed to the loan applicant. Potential borrowers may be asked to provide information through a Web site or be contacted by phone or e-mail by a "representative" who guarantees loan approval as soon as the borrower pays a required fee. The loan applicant may be told that the fees will be used to pay a third party for loan insurance or application processing, or to make the first month's loan payment. The loan applicant may also be told to send or wire transfer money to an individual overseas before receiving the loan proceeds. In some cases, the loan applicant has been falsely directed to a legitimate financial institution with no knowledge of the transaction. In other cases, the loan applicant is told that the loan request was declined and is asked to forward additional money to qualify for a different loan program. The following are warning signs that may indicate a loan offer is not legitimate:
Victims of online advance loan fee scams should report the crimes to the Internet Crime Complaint Center. Click here for more information about fraudulent advance loan fee scams. USDA Rural Development Celebrating June Homeownership Month USDA Rural Development Celebrating June Homeownership MonthUSDA Rural Development in Iowa will again be celebrating June Homeownership Month by hosting a variety of special events all around the state. Last year, Rural Development participated in more than 20 events and activities throughout Iowa in June including lender trainings, check presentations, homeownership seminars and new lender recognitions. This year the agency will be conducting four regional lender training sessions as part of its Homeownership Month recognition. Last year, Rural Development assisted more than 1,200 Iowa families in becoming homeowners. Each year the agency invests around $100 million in loans and grants that provide rural Iowa residents with decent, safe and sanitary single and multi-family housing. "Ensuring that all Iowans living in rural communities have decent, safe and affordable housing has been a top priority of Rural Development for more than 70 years," said Mark Reisinger, USDA Rural Development State Director in Iowa. Rural Development's Guaranteed Loan Program is an avenue for lenders to provide 100 percent financing to families below the moderate-income limit. This program is administrated by a local lender who takes the application, processes it and determines the acceptability of the home to be financed. Last year lenders accessed more than $61 million in guaranteed funds for home loans in Iowa. 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 June Homeownership Month events being planned in Iowa, or about any of Rural Development's housing programs, please call (515) 284-4666 or visit www.rurdev.usda.gov/ia.HUD/FHA Update HUD/FHA Update Please visit the sites below for developing and additional information. You can always access all HUD/FHA information at www.hud.gov. Read the April 9, 2008, press release announcing the expandsion of FHASecure, which is now able to help half a million homeowners stay in their homes by cutting mortgage payments.As a lender do you have unanswered questions about FHASecure? Have those questions answered at FHASecure Frequently Asked Questions for the Housing Industry.HUD Homes $100 Downpayment Program. The $500 bonus to real estate agents/brokers has been eliminated. However, the $100 down payment program is still in effect and not being greatly used. We need you to change that! For more information go to HUD Home Contractor’s web site.The HUD News Newsroom web site had current information on HUD’s Top Stories, Press Releases, Speeches, Op-eds and Letters to the Editor and much more.The most asked question at the recent IMA conference: How Can I Become FHA Approved? Click here for the answer.29 Low-Cost (even free) Marketing Ideas 29 Low-Cost (Even Free) Marketing Ideas By Gwen Buehler, Marketing Manager at In Touch Today Keeping in touch with your clients and staying visible in your community doesn't have to cost you a bundle. Take a look at some creative, inexpensive and even free ways you can keep your business growing.
As you can see, there are many inexpensive and even free ways to market your business! Remember, the more creative you are in your marketing efforts, the higher likelihood people will remember you. © 2008 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/IMA Member Spotlight: Brian Lampe Member Spotlight: Brian Lampe  Name: Brian Lampe CMC, CRMS, ICMP Company: Countrywide Home Loans Prime Times: What is your current position? Prime Times: How did you get started in the mortgage business? During my tenure in the insurance/investment industry my responsibilities were to establish, grow and develop regional and divisional sales teams based on a relationship marketing approach. When I made the decision to switch careers, I knew I wanted to keep involved in the process of building individuals, branches, and regions and to do so via relationship marketing. Thus my decision to join the mortgage industry. Done right, insurance and mortgage follow the same process in building relationships with customers by helping them accomplish homeownership dreams and financial positioning. From a sales management perspective, my transition from insurance to the mortgage industry dovetailed nicely. Prime Times: Were you an immediate success? Prime Times: When did you begin to realize that you were successful? Prime Times: What mistakes to you think new loan originators typically make? Prime Times: How about the veteran loan originators? What mistakes do they 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: What other goals in your career would you like to accomplish? Prime Times: What words of wisdom would you offer other mortgage originators? Prime Times: Any final thoughts? To remove yourself from this mailing list, click here. |
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