President's Message

President's Message

Christy Allison

Thank you so much for the opportunity to become your President. I have some big shoes to fill! David Horak has done a wonderful job for our organization, and I would like to thank him for raising the bar this past year. I hope to do as much for the IMA as he and his predecessors have in the years before me.

I am a Loan Originator and have been since 1986. It truly is my passion ranking right behind my faith and my family. I can say, today anyway, that I truly enjoy my job! Oh, there are fancy words for what we do like Home Loan Consultant, Mortgage Advisor and Home Loan Specialist, but what it all comes down to is we are Loan Originators. Take pride in that!

During this past stressful year, it has not always been good to make that statement so loudly. We have had many changes in our industry and those of us that have made this our profession are wondering, "Why is the press making so much noise?" If you are an IMA member you are probably not one of the lenders that purposely led the borrower down the wrong path. Also, if you have been in the business as long or longer than I have, you are probably very familiar with the limited loan products you now have available in your arsenal. It's just like what we had in the 80's! Remember Marty in the movie, "Back to the Future?" He had to go backward to come forward. That's where we are at right now and I know many of you are up for the challenge. It's not only "Back to the Future," but it's "Back to Basics."

IMA is a wonderful organization! There are great opportunities with our education and networking events that can give you the tools to turn today's negative trends into qualified buyers. But we need to grow the membership with more professionals like you. Our strength is in the number of highly qualified mortgage professionals that we have in the State of Iowa and the neighbors on our borders.

Won't you help me do that? Just invite one more person to join the Iowa Mortgage Association. If we all do that we should double our membership, double our networking opportunities and double our voice in the Iowa legislature. It's your professional future at stake and I'm counting on you!

Christy Allison
2008-09 IMA President

2008 IMA Fall Conference

2008 IMA Fall Conference

The IMA held its annual Fall Convention and golf outing on September 3-5 at the Marriott Hotel in Des Moines. This year's golf outing saw 100 golfers participate in an 18-hole 4-person best shot tournament at Briarwood Golf Club in Ankeny. With cool, but clear weather, the event was a tremendous success.

The convention officially started the next day with a session from Bill Sparkman talking about how catch fish when they stop jumping in the boat. Bill shared skills required for a changing market, including more selling and less prospecting; increasing purchase business with referrals and balancing high tech with high touch. The convention continued with breakout sessions on learning how to use smart phones and manage your database. It also included popular updates from both Freddie Mac and Fannie Mae. Also included in the day was time to browse the exhibit hall featuring nine vendors. The day concluded with the annual President's Social. This year's beach party was a great time for everyone and was complete with casino games, games, a caricature artist and more!

The convention continued on Friday with a full breakfast and a special presentation from Mike Wagner from the White Rabbit Group. Mike discussed how to own your own personal brand and marketing insights. The morning followed with a closing session from Aaron Davis. Aaron shared his life experiences his college days as a member of the 1994 University of Nebraska National Championship Football team to today a national speaker and consultant.

The convention concluded with the grand prize drawing sponsored by Genworth Financial. Congratulations to Wayne Astrauskas from Northwest Bank who won $1000 in cash. The annual convention was a great success.
Thank you to all the exhibitors and sponsors that helped make the event great!

Sponsors:
AIG - United Guaranty
Abstract & Title Guaranty Company
Genworth Financial
First Nebraska Title Company
Iowa Finance Authority
MGIC
PMI Mortgage Insurance Company
RMIC
SunTrust Mortgage
Title Services Corporation

Exhibitors:
Department of Housing and Urban Development
GB Mortgage
Iowa County Recorders Association
Iowa Finance Authority
Iowa Home Ownership Project (IHOEP)
Republic Abstract and Settlement Services
PHH Mortgage
USDA, Rural Development
US Department of Veterans Affairs

IMA Conference Photo Highlights

Above: David Horak, Deb Sullivan, Roxanne Bobolz, Kathy Klahn and Christy Allison take the IMA Board of Governors Oath of Office at the IMA Annual Convention.

Above: Newly inducted IMA President Christy Allison shares her ideas for the coming year during the IMA Annual Convention.

Above: Attendees enjoy some fun at the IMA President’s Social.

Board of Governors Installed

Board of Governors Installed

The following slate of Executive officers and Board of Governors were installed at the annual meeting luncheon during the 2008 IMA Annual Convention.

Executive Officers:
Christy Allison, Countrywide Home Loans, President
Kathy Klahn, First National Bank, Clinton, President-Elect
Roxanne Bobolz, Vantus Bank, Vice President
Deb Sullivan, Valley Bank, Davenport, Secretary/Treasurer

The Board of Governors:
David Horak, MGIC, Immediate Past President
Kevin Wosmansky, Heartland Mortgage Group, Clive
Steve Greig, Wells Fargo Bank, West Des Moines
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, MidWestOne Bank, Iowa City
Larry James, First American Bank, Clive
Tim Sebetka, Collins Credit Union, Cedar Rapids
Ryan Sesker, Bank Iowa, West Des Moines
Eric Schaub, Northwest Bank, Okoboji

Congratulations to all IMA officers and board members. Complete contact information for the IMA Board of Directors can be found at the IMA website at www.iowama.org.

Over $3,800 raised for IMA PAC this year

Over $3,800 raised for IMA PAC this year

* Represents donations over $25.

Hole In One

Hole In One

Susan McManaman

Click here to register online.

Business Planning Seminar

Business Planning Seminar
November 4, 2008 - 8:30 a.m. - Noon
Johnston, IA
This new half-day seminar from the Iowa Mortgage Association will provide you with the tools you need to manage your business and manage your time.

Agenda:

• How to schedule "Dollar-Generating" tasks
• What is the REAL value of your time?
• How to balance your business, family & personal time
• How to color-code your activities
• Simplified business planning strategies
• How to write your personal business plan
• Steps needed to implement your plan
• How to monitor your progress

Registration: IMA Members $95; Nonmembers $145. Registration fee includes continental breakfast, instruction and all handouts. Click here to register online.

First-Time Home Buyer Tax Credit FAQs

First-Time Home Buyer Tax Credit FAQs

Editor's Note: Information from the www.federalhousingtaxcredit.com Web site as of Sept. 2, 2008, courtesy of the National Association of Home Builders.

USDA Rural Development Guarantees a Record $94.2 Million in Home Loans so Far in 2008

USDA Rural Development Guarantees $94.2 Million in Home Loans

With one month remaining in its fiscal year, USDA Rural Development in Iowa has already provided loan guarantees for more than 1,200 mortgage loans for a record $94.2 million.

"We are extremely excited that so many lenders are now using our guaranteed program," said Mark Reisinger, USDA Rural Development State Director in Iowa. "Partnerships with lenders are critical to our ability to help rural Iowans achieve their homeownership dreams."

Due to the recent tightening of the housing market, USDA Rural Development is now the only 100-percent loan program in Iowa. The no-down-payment program is for moderate-income individuals living in rural communities and is administrated by a local lender who takes the application, processes it and determines the acceptability of the home to be financed.

Rural Development's program, which provides a 90-percent guarantee to the lender, is a frequent partner of Iowa Finance Authority's FirstHome programs.

Further information, including lender sign up, may be found at www.rurdev.usda.gov/ia/rhsguar.html. Income limits and property location eligibility may be found at http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do.

For more information about any of Rural Development's housing programs, please call (515) 284-4666 or visit www.rurdev.usda.gov/ia.

Mortgage Lending Best Practices from the FDIC

Mortgage Lending Best Practices from the FDIC

The Federal Deposit Insurance Corporation (FDIC) recently issued FIL-88-2008 that provides tips to institutions that are trying to expand mortgage credit options for low- and moderate-income borrowers.

Best Practices from the FDIC'S Forum on Mortgage Lending for Low- and Moderate-Income Households
FIL-88-2008
September 4, 2008

On July 8, the FDIC held a Forum on Mortgage Lending for Low- and Moderate-Income (LMI) Households to explore a framework for LMI mortgage lending in the future, in light of current problems in the mortgage market. The availability of credit to mortgage borrowers has sharply contracted over the past year, with total originations in the first quarter down almost 30 percent from the first quarter a year ago.1 Origination volumes have fallen even more dramatically in the subprime and Alt-A segments, 90 percent and 80 percent, respectively, and private label securitizations of nonprime mortgages have nearly ceased.2

The disruptions in mortgage credit availability and in the secondary mortgage market disproportionately affect lower-income borrowers' opportunities for homeownership, given their existing lower homeownership rates. The Census Bureau reports that the national homeownership rate was about 68 percent as of the second quarter 2008. However, the homeownership rate is only about 52 percent for those households with below median incomes. Moreover, data from the Federal Reserve's 2004 Survey of Consumer Finances, the latest income stratification information available, show that for households with incomes in the bottom fifth of all earners, homeownership rates are far lower - about 40 percent.

Click here to view the complete letter from the FDIC (FIL-88-2008).

Voter registration scams

FTC Warns Against Voter Registration Scams

The Federal Trade Commission is alerting consumers to possible identity theft scams associated with bogus voter registration communications.

The FTC encourages consumers to watch out for unsolicited e-mails or phone calls from people claiming to represent local election boards or civic groups. These ask for the victim’s Social Security or credit card number supposedly to confirm voting eligibility or registration.

Such attempts should be reported to FTC online at www.ftc.gov or by phone at 1-877-FTC-HELP. For more information, go to http://www.ftc.gov/opa/2008/08/voter.shtm.

MBA Web Sites Dedicated to HERA and GSE Issues

MBA Web Sites Dedicated to HERA and GSE Issues

The Mortgage Bankers Association has developed web sites dedicated to HERA as well as the GSE conservatorships status. A link to the Web sites is available on the IMA home page, or click here to view.

Consumer Q&A Regarding Takeover of Fannie Mae and Freddie Mac

Consumer Q&A Regarding Takeover of Fannie and Freddie

Is your bank getting calls from concerned customers, employees or board members on the recent takeover of Fannie Mae and Freddie Mac? Studies show that people tend to be anxious if they don’t understand how current events affect them. Your bank can help alleviate this anxiety by providing this Q&A created by the American Bankers Association. Please feel free to tailor it to fit the needs of your institution.

Banking Industry Supports Regulation C Proposal

Mortgage Industry Supports Regulation C Proposal

The Mortgage Bankers Association and four other trade groups sent a joint letter to the Federal Reserve on Friday, Aug. 29 in support of the Fed’s proposal to amend Regulation C (Home Mortgage Disclosure Act). The proposal would change the index used to calculate triggers for disclosing annual percentage rate related information from Treasury securities to a mortgage-based index – the Freddie Mac Primary Mortgage Market Survey.

“This change will help reduce the variation in reported rate information that has resulted from changes in the financial markets rather than changes in mortgage lending patterns,” the joint letter said. “We also support making HMDA reporting thresholds and Home Ownership and Equity Protection Act thresholds for coverage of loans as ‘higher-priced mortgage loans’ correspond exactly,” which will ease the compliance burden.

The letter also recommended some minor changes to the proposal, and stated that the industry would need additional time to implement the changes. The American Financial Services Association, Consumer Bankers Association, Consumer Mortgage Coalition and American Bankers Association also signed the letter.

Member Spotlight: Vicki Davis

 

Name: Vicki Davis
Company: Valley Bank
E-mail address: vdavis@valleyb.com

Prime Times (PT): What is your current position?
Response: Vice President. I also am a Mortgage Consultant as well as trainer for all new Mortgage Consultants that are brought on at Valley Bank.

PT: How did you get started in the mortgage business?
Response: It was merely accidental. When I got out of high school I had no idea what I wanted to do? I went to work for a bank as a teller and there was an opening in the Mortgage Dept. I had no idea what a mortgage was but thought what the heck? Now some 22 years later the Mortgage Business is my career!

PT: Were you an immediate success?
Response: I came up through the ranks as a processor and closer, so I felt like I knew what to do when I became an originator. Knowing the backside was a definite benefit and for me this contributed to my success.

PT: When did you begin to realize that you were successful?
Response: When past customers had the faith in me to refer me to their friends and family I knew that I had gained their trust. Realtor retention was also a great sign!

PT: What mistakes to you think new loan originators typically make?
Response: Knowledge in this business is key. In this market I think folks are so eager to get a deal they forget about what all goes into originating a transaction. You cannot over promise and under deliver. Know what you are commiting to before doing so.

PT: How about the veteran loan originators? What mistakes do they make?
Response: I feel sometimes we think we are owed just because we have been in the business for a specific amount of time. We need to constantly be doing things that set us aside from the competition.

PT: What differentiates you and your company from other originators and companies?
Response: I feel very fortunate to work for Valley Bank. As a correspondent I have a variety of investors to sell to so there is not just one set of underwriting guides that I am limited to. If I run across another investor with a specific program it is easy to get them added to our list of investor options.

PT: What is your most successful sales tool?
Response: I am big on utilizing my database; these are already raving fans that I have shown what a great job I can do for them. There is nothing like getting a call from a previous customer that says "You helped me with my mortgage loan 9 years ago and we are ready to buy again" WOW that is a great feeling.

PT: Who or what was the biggest contributor to your success?
Response: Again, I think coming up thru the ranks and understanding how you get from originating to closing. It is the in between that sometimes originators do not understand. The team that I work with, I have an excellent processor and closer we know that we need each other and we are all working toward the same goal.

PT: What is your current mix of business and business sources?
Response: Purchase, refinance, conventional and govt loans, I have outlets for all of them. Taking a complete loan application and understanding the borrower's short and long term financial goals so I place them into the correct program. My source of business comes from my data base, realtors, and involvement in the Chamber and everywhere I go I tell folks what I do.

PT: If you could change one thing about the mortgage business, what would that be?
Response: If I had been asked this question a year ago it would be exactly what is taking place now. Going back to the basics of mortgage lending. This industry got way off track and I think we are headed back unfortunately with some bumps along the way. Too many folks got into the industry when the refinance boom was taking place. We are now working with less lenders. Those of us still in the business feel passionate about this industry.

PT: What other goals in your career would you like to accomplish?
Response: I feel that I have the best of both worlds; I originate but also wear a management hat. I would like to continue to educate people on what it means to become a homeowner as well as assist with the move-up buyers. I really enjoy the coaching side of my job as well, assisting the next generation and what to do so they can look back 22 years later with enjoyment.

PT: What words of wisdom would you offer other mortgage originators?
Response: Become involved in the IMA, take advantage of this wonderful Association. Continue to educate yourself and stay on top of the industry changes. When it comes to your customers Ask, Listen and Solve. Make yourself an asset.

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