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| Iowa Mortgage Association - Prime Times May 15, 2008 In this issue: President's Message 5th Annual IMA Golf Event at Legacy in Norwalk IMA Offers CampusMBA Courses at www.iowama.org Lender Design offers IMA members discount on marketing materials Updated HUD MSA Family Income Levels Released HUD extends comment period on proposed mortgage reforms Proposed Revisions to Flood Q & A Released Maps Detail Subprime Loans FDIC Warns of Loan Scams HUD Update President's Message President's Message  David Horak While I have your ear, I'd like to share with you a few things that your association is doing on your behalf. First of all, we have been out promoting the IMA to local realtor groups and civic groups. So far we have made presentations in Clinton, Waterloo, Des Moines and are working on a second one in Des Moines as well as Cedar Rapids and Iowa City. We talk about the current state of the mortgage industry and give a little background how we got here. So far the response has been great. If you would like us to make a presentation to your community, let me know. We have also posted the presentation on our website for you if you want to give the presentation yourself.The communications committee is busy working on several things. First of all, they are developing an ad campaign for newspapers throughout the state to promote the IMA and the benefits of choosing an IMA lender. Look for these ads in a paper near your community in June or July and continuing through the end of the year. The committee is also working on another networking event in the Sioux City area on June 23. Watch your email and snail mail for an invite. This committee is also responsible for the IMA publicity kit that was distributed at the spring conference in April. If you have not picked up your packet please contact Darcy Burnett and she will get you a copy.The education committee is working on revisions to the ICMP test which should be ready by the time you read this. They also have been busy putting together educational events throughout the state. Check out the website for upcoming events.Before I go, I have a couple other things worth mentioning. If you have not made your contribution to our PAC, we could really use your support. We fell short of our goal at the spring conference. The contributions help us reach our legislative goals and the coming year looks to be just as critical as last year. We really need to make sure we are prepared for the challenges that lie ahead. Click here to learn more about the IMA PAC Campaign.Finally, we have a couple golf outings coming up. June 4th we will be in Norwalk and on June 11th the Quad City chapter has their annual charity golf outing. Take a look at the details on the website.Have a great spring,and thank you for your support. Your President, David Horak 5th Annual IMA Golf Event at Legacy in Norwalk 5th Annual IMA Golf Event at Legacy in Norwalk  IMA Offers CampusMBA Courses at www.iowama.org IMA Offers CampusMBA Courses at www.iowama.orgThe Iowa Mortgage Association offers online mortgage education from CampusMBA, the education arm of the national Mortgage Bankers Association (MBA). Every program and product provided offers relevant information you can immediately apply to your work. Programs are offered in a variety of formats including classroom-based, web-based, print-based and live audio. In addition, successful completion of courses earns points toward certificates and designations from MBA, including the Certified Mortgage Banker (CMB). See the complete line of course offerings at www.iowama.org.Lender Design offers IMA members discount on marketing materials Lender Design offers IMA members discount on marketing materials Looking for professional, credible, polished and confident will help your business succeed much more than if you blend in with the "usual." Lender Design offers 300+ professionally-designed, fully-personalized marketing tools through The Ultimate Collection, including marketing flyers, postcards, open house flyers, monthly newscards, relationship letters/flyers and other tools. For all of the marketing, presentation and communication materials you could need, visit www.lenderdesign.com. When you are ready to sign up, e-mail IMA's Darcy Burnett for IMA's membership code that will save you 30% on The Ultimate Collection. Updated HUD MSA Family Income Levels Released Updated HUD MSA Family Income Levels ReleasedAn OCC Bulletin (2008-9) announced the release of U.S. Census and 2008 Department of Housing and Urban Development (HUD) estimated median family incomes for metropolitan statistical areas (MSAs), metropolitan divisions (MDs), and nonmetropolitan portions of each state. The U.S. Census data, which are based on 2000 income data, were updated in 2004 to reflect revisions made by the Office of Management and Budget to the definitions and boundaries of MSAs and MDs. These data are used to determine income levels of geographies in Community Reinvestment Act (CRA) performance evaluations. The annual HUD data are used to determine 2008 borrower income levels in CRA performance evaluations. The regulation implementing the CRA, 12 CFR 25, classifies the income level of a person or geography as low-, moderate-, middle-, or upper-income, based on the area median income. Area median income is defined as "the median family income for the MSA, if a person or geography is located in an MSA, or for the metropolitan division, if a person or geography is located in an MSA that has been subdivided into metropolitan divisions;" or "the statewide nonmetropolitan median family income, if a person or geography is located outside an MSA." The income tables can be found at http://www.occ.treas.gov/ftp/bulletin/2008-9a.pdf.HUD extends comment period on proposed mortgage reforms HUD extends comment period on proposed mortgage reformsThe U.S. Department of Housing and Urban Development has announced that it is extending the public comment period on the Bush Administration's proposed reforms to the real estate settlement process. The comment period for the Department's proposed rule to simplify and improve the process of obtaining mortgages and reducing settlement costs under the Real Estate Settlement Procedures Act (RESPA) will be extended 30 days until June 12, 2008. "This critical rule will improve the complicated homebuying process and save families money at the settlement table. In light of Congressional and industry requests to extend the comment period for the rule, and our desire to develop the best possible rule, we are allowing additional time. However, we remain committed to finalizing a rule before the end of the Administration," said Deputy Secretary Roy A. Bernardi. Over the past few years, HUD has aggressively reached out to interested consumer and industry groups to accept and give careful consideration to their thoughtful views and proposals to reform RESPA. Since 1974, little has changed about how Americans buy and refinance their homes. Given the recent increase in home foreclosures, HUD remains committed to improving the complicated, unclear and costly homebuying process. HUD's proposal reforms to the more than 30-year old RESPA rules and improves disclosure of the loan terms and closing costs consumers pay when they buy or refinance their home. Prior to the announcement of the extension, the public comment period on HUD's proposed RESPA reforms was set to expire on May 13, 2008. Proposed Revisions to Flood Q & A Released Proposed Revisions to Flood Q & A ReleasedThe federal bank, thrift, credit union, and Farm Credit System regulatory agencies have requested public comment on new and revised interagency questions and answers regarding flood insurance. The Interagency Questions and Answers Regarding Flood Insurance were first published in 1997 under the auspices of the Federal Financial Institutions Examination Council. The agencies are proposing new questions and answers, as well as substantive and technical revisions to the existing guidance, to help financial institutions meet their responsibilities under federal flood insurance legislation and to increase public understanding of the flood insurance regulations. The proposed changes include substantive modifications to questions and answers pertaining to construction loans and condominiums. The agencies are also proposing new questions and answers in a number of areas, including second lien mortgages, the imposition of civil money penalties, and loan syndications/participations. Finally, the agencies are proposing to revise and reorganize certain questions and answers to clarify areas of potential misunderstanding and to provide clearer guidance to users. After public comments are received and considered and the Interagency Questions and Answers are final, they would supersede the 1997 Interagency Questions and Answers and supplement other guidance or interpretations issued by the agencies and the Federal Emergency Management Agency. The agencies invite comment on the proposed changes and, more generally, on other issues regarding compliance with the federal flood insurance statutes and regulations. Comments are due May 20, 2008. Click here to read the proposed Q & A in the March 21, 2008 Federal Register.Maps Detail Subprime Loans Maps Detail Subprime Loans  The maps, which are maintained by the Federal Reserve Bank of New York, display regional variation in the condition of securitized, owner-occupied subprime, and alt-A mortgage loans. The maps and data can be used to assist in the identification of existing and potential foreclosure hotspots. This may assist community groups, which can mobilize resources to bring financial counseling and other resources to at-risk homeowners. Policymakers can also use the maps and data to develop plans to lessen the direct and spillover impacts that delinquencies and foreclosures may have on local economies. Click here to access the data. Monthly updates are planned.The maps show the following information for subprime and alt-A loans for each state and most of the counties and zip codes in the U.S.:
Accompanying data tables report further statistics for states. Additional mortgage foreclosure resources, including helpful information and links to agencies and organizations that may provide assistance to consumers experiencing difficulty making their mortgage payments, are available on the Board's web site. FDIC Warns of Loan Scams FDIC Warns of Loan ScamsThe 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. 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:
Lenders are encouraged to warn their customers about these types of scams. HUD Update HUD Update Submitted by Krista Bowersox, U.S. Dept. of Housing and Urban Development Watch for more information on HUD’s National Homeownership Month: “FHA: Back to Basics at www.hud.gov. To prepare for your Homeownership Month outreach, visit HUD’s one-stop forms resource page.HOT OFF THE PRESS! Mortgagee Letter 2008-12 addresses the Home Equity Conversion Mortgage (HECM) program: Counseling Fee. The purpose of this Mortgage Letter is to provide guidance regarding reasonable Home Equity Conversion Mortgage (HECM) counseling fee that may be charged in light of these regulations. Click here to read the entire Mortgagee Letter. RESPA Reform: The most asked HUD/FHA question: How Can I Become FHA Approved? Click here for the answer.For developing and additional information, click here to access all HUD/FHA information. The HUD News Newsroom web site offers current information on HUD’s Top Stories, Press Releases, Speeches, Op-eds and Letters to the Editor and much more.To remove yourself from this mailing list, click here. |
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