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| Iowa Mortgage Association - Prime Times Apr 14, 2009 In this issue: President's Message Mortgage professionals reached for the summit of excellence at the 2009 IMA Spring Conference Way to go IMA members for raising $1500 for the IMA PAC IMA Iowa Certified Mortgage Professional Designation Servicing Today: Early Intervention and Loss Mitigation Chip Into Fun - 6th Annual IMA Golf Event IMA to cosponsor Quad Cities Area Home Buyer/Seller Expo Home Valuation Code of Conduct & Appraisal Management Companies Expanded Tax Credit for First Time Home Buyers MBA Releases Q4 2008 State Mortgage Market Profile for Iowa Government to Crack Down on Foreclosure Rescue Scams New Mortgage Lending Bill Introduced FHLB Des Moines to Host Member Meetings Iowa Finance Authority Offers New Program for Real Estate Owned Properties Iowa Finance Authority Congratulates 2008 FirstHome Program Award Winners More News from Iowa Finance Authority Iowa Mortgage Help Expands Reach OCC/OTS Mortgage Metrics Report Shows Declining Credit Quality Smart Marketing in a Slower Market Thank You from Gene Holst President's Message President's Message  Christy Allison Thank you to everyone that attended the annual IMA Spring Conference. It was great seeing everyone and getting reacquainted again. If you attended the conference we truly value your input so please make sure to complete your survey that was sent out via email. We try to tailor all speakers and presentations to comply with our member requests so your input is very important. Eric T. Miller from Prospect Mortgage had a wonderful presentation at the conference. I was able to use a few of his ideas and have already implemented them into my daily business plan. I hope you did too! Did you hear Eric state at the start of his presentation that a professional designation can actually help you obtain more loans? I did and the IMA has an excellent way to help you with that. We have our own designation as an Iowa Certified Mortgage Professional (ICMP) and I can vouch for the fact that the ICMP designation has helped bring more clients in my door also. Why should you get your ICMP designation? I'll give you a few good reasons:
To start the ICMP designation process visit the IMA website. You can use this link to find out more information: http://www.iowama.org/icmp.htmlChristy Allison2008-09 IMA President christyallison@inlanta.com Mortgage professionals reached for the summit of excellence at the 2009 IMA Spring Conference Mortgage professionals reached for the summit of excellence at the 2009 IMA Spring Conference  This year's IMA annual Spring Conference was April 2 at the Iowa City Sheraton Hotel. This year's event had a great turnout with over 100 mortgage professionals attending the event. The convention started with great ideas from Eric Mitchell, a mortgage originator from Los Angeles. He explained how the competition was irrelevant with innovative and effective strategies as one of the top originators in America. After lunch, the educational sessions continued with a panel discussion talking about today’s top mortgage issues. The audience heard from an appraiser, foreclosure attorney and a realtor sharing their experiences and issues in today’s challenging economic environment. 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 the economic recession and interest rates. Also included in the day was time to browse the exhibit hall featuring 10 vendors. Vendors included: · Community Title LLC · CreditAbility · Iowa Home Ownership Education Project · PHH Mortgage · Republic Abstract & Settlement Services · Integralink Appraisal Management Co., LLC · Iowa Finance Authority · USDA, Rural Development · US Department of Housing & Urban Development 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 86 loan originators for their outstanding volume in 2008. The complete list of professionals is available on the IMA website.The convention concluded with the grand prize drawing. Congratulations to Lisa Stolte from Valley Bank who won $500 in cash. A special thank you to the conference sponsors. The support of these companies helps make the event possible: · First Nebraksa Title Company · Iowa Finance Authority/Title Guaranty · MGIC · Radian Guaranty · Republic Abstract & Settlement Services · SunTrust Mortgage The annual convention was a great success. Thank you to all the exhibitors and sponsors that helped make a great event! Way to go IMA members for raising $1500 for the IMA PAC Way to go IMA members for raising $1500 for the IMA PACThank you to all who made donations to the IMA PAC during the IMA Spring Conference. During the conference, 2009 fundraising got off to a great start with over $1,500 in donations. 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. IMA Legislative Committee Member Steve Greig 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." If you would like to make a donation to the IMA PAC remember, all contributions must be voluntary and must be in the form of a personal check. Checks can be mailed to: Thank you to all 2009 IMA PAC Contributors:
IMA Iowa Certified Mortgage Professional Designation IMA Iowa Certified Mortgage Professional Designation Ready to achieve a new level of professional growth and recognition? The Iowa Certified Mortgage Professional Designation (ICMP) program is designed to elevate professional standards, enhance individual performance, and designate association professionals who demonstrate the knowledge essential to the mortgage industry. Getting the ICMP isn't simply a one time thing, but an ongoing commitment to professional growth. Professionals holding the designation pledge to continually advance their knowledge and achieve higher levels of excellence in the industry. The Iowa Mortgage Association encourages you to learn more about becoming an ICMP. We invite you to learn more about becoming an Iowa Certified Mortgage Professional and take this crucial step that tells others they are working with a recognized expert in the mortgage industry. For more information about the ICMP designation process or to download an application see the IMA website or call IMA's Darcy Burnett at 800-800-2343 with questions.Current ICMP Designees The Iowa Mortgage Association would like to congratulation the mortgage professionals who have obtained the IMA's Iowa Certified Mortgage Professional Designation. These individuals have attained the highest levels of industry expertise.
Servicing Today: Early Intervention and Loss Mitigation Servicing Today: Early Intervention and Loss MitigationThursday, April 23 Iowa Bankers Association, Johnston Taught by industry experts, this one-day interactive workshop provides essential early intervention skills to loan counselors and front line servicing staff who deal with initial contact with homeowners experiencing hardship meeting their payments. This workshop also provides key loss mitigation business knowledge and practical solutions to those responsible for performing and monitoring loss mitigation workouts. Participants gain insight on common reasons for default, investor and insurer loss mitigation requirements, and loss mitigation options. Throughout the day, participants engage in five hands-on exercises. The workshop culminates with a final workout activity that allows participants to practice designing a loss mitigation workout plan. Workshop Objectives At the end of the Loss Mitigation Workshop, students will be able to: • Understand the role and importance of loss mitigation. Who Should Attend This workshop is designed for servicing managers, counselors and other loan servicing staff responsible for performing and monitoring loss mitigation workouts. Registration IMA & MBA Members $195 Register online at www.iowama.orgChip Into Fun - 6th Annual IMA Golf Event Chip Into Fun - 6th Annual IMA Golf Event  Join IMA for the 6th Annual Golf & Networking Event on June 18th, at the 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! The format is a four-person best shot with a shotgun start starting at 10 a.m. Lunch will be served during the event. Following golf, join us for a reception at the Legacy Golf Course. There is no charge to attend, even if you do not golf. The reception should be underway around 4:00 p.m. Registration fee is $85 for IMA members and $125 for nonmembers. A registration form is available at www.iowama.org.IMA to cosponsor Quad Cities Area Home Buyer/Seller Expo IMA to cosponsor Quad Cities Area Home Buyer/Seller ExpoThe Iowa Mortgage Association (IMA) is cosponsoring the Quad Cities Area Home Buyer/Seller Expo 2009. The event will take place Saturday, April 18 at the Isle of Capri in Bettendorf, Iowa. Doors open at 9:00 a.m. Buyers and sellers of all price ranges are expected to attend. General sessions will cover topics including:
Deb Sullivan (Valley Bank, Davenport) said the Quad Cities Chapter of IMA decided to cosponsor the event to help drive business to its members. Sullivan serves as Secretary/Treasurer of the Iowa Mortgage Association and is immediate past president of the IMA Quad Cities Chapter. "We want to try to convince our community that now is a good time to buy or build, and we just want to educate the public so they feel comfortable doing that," Sullivan said. Home Valuation Code of Conduct & Appraisal Management Companies Home Valuation Code of Conduct & Appraisal Management CompaniesBy Ronette Schlatter, CRCM Senior Compliance Coordinator, Iowa Bankers Association The Home Valuation Code of Conduct (HVCC) goes into effect in less than a month (May 1st) with many mortgage lenders still struggling to grasp how the HVCC will affect their appraisal process. The HVCC applies to all conventional, single-family loans applied for on or after May 1, 2009, that are delivered (sold) to Fannie Mae or Freddie Mac. The HVCC is NOT a new regulatory requirement applicable to a lender's in-house loan portfolio. One issue related to the HVCC that appears to be particularly misunderstood is the use of Appraisal Management Companies (AMCs). Lenders are NOT required by the HVCC to use AMCs to order appraisals on their behalf for loans that will be sold to Fannie Mae or Freddie Mac. Lenders are required, however, to ensure the individual ordering the appraisal on its behalf is independent from the "loan production staff" for purposes of achieving appraiser independence. The term "loan production staff" is not defined in the HVCC. However, the FAQs prepared by federal agencies on the agencies' appraisal regulations specify as follows: Lenders may use a pre-approved appraiser list to select a residential appraiser, provided that (1) any employees of the lender tasked with selecting appraisers for the list are independent of the loan production staff; and (2) the loan production staff is not involved in selecting appraisers off the list for particular appraisal assignments. Fannie Mae and Freddie Mac have issued a series of frequently asked questions (FAQ) and posted them on their web sites. The FAQ provide clarification on the use of AMCs as well as many other issues, including the use of appraisals ordered by mortgage brokers, the portability of appraisals, appraisal review requirements, payment of appraisal fees and more. The FAQ can be found at:
Expanded Tax Credit for First Time Home Buyers Expanded Tax Credit for First Time Home BuyersThe Internal Revenue Service has announced that taxpayers who qualify for the first-time home buyer credit and purchase a home this year before December 1, 2009 have a special option available for claiming the tax credit either on their 2008 tax returns due April 15 or on their 2009 tax returns next year. Qualifying taxpayers who buy a home this year before December 1 can get up to $8,000, or $4,000 for married filing separately. The IRS has posted a revised version of Form 5405, First-Time Home Buyer Credit, on www.IRS.gov. The revised form incorporates provisions from the American Recovery and Reinvestment Act of 2009. The instructions to the revised Form 5405 provide additional information on who can and cannot claim the credit, income limitations and repayment of the credit. This year, qualifying taxpayers who buy a home before December 1, 2009, can claim the credit on either their 2008 or 2009 tax returns. They do not have to repay the credit, provided the home remains their main home for 36 months after the purchase date. They can claim 10 percent of the purchase price up to $8,000, or $4,000 for married individuals filing separately. The amount of the credit begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers. For purposes of the credit, you are considered to be a first-time home buyer if you, and your spouse if you are married, did not own any other main home during the three-year period ending on the date of purchase. The IRS also alerted taxpayers that the new law does not affect people who purchased a home after April 8, 2008, and on or before Dec. 31, 2008. For these taxpayers who are claiming the credit on their 2008 tax returns, the maximum credit remains 10 percent of the purchase price, up to $7,500, or $3,750 for married individuals filing separately. In addition, the credit for these 2008 purchases must be repaid in 15 equal installments over 15 years, beginning with the 2010 tax year. To view the form and additional information on who can and cannot claim the credit, income limitations and repayment of the credit, please visit http://www.irs.gov/pub/irs-pdf/f5405.pdf.MBA Releases Q4 2008 State Mortgage Market Profile for Iowa MBA Releases Q4 2008 State Mortgage Market Profile for Iowa 
Click here to view Iowa's complete Q4 Mortgage Market Profile. Click here to view fact sheets for all 50 states. Government to Crack Down on Foreclosure Rescue Scams Government to Crack Down on Foreclosure Rescue Scams The Treasury Department -- along with the Justice Department, Department of Housing and Urban Development, Federal Trade Commission and Illinois attorney general -- has announced a multi-agency crackdown targeting mortgage foreclosure rescue scams and loan modification fraud. The effort, coordinated by the Financial Crimes Enforcement Agency, is already underway, and will investigate fraudulent schemes, and assist with enforcement and prosecutions, officials said. They explained, for example, that many scammers are trying to take advantage of at-risk borrowers by charging them $1,000- $3,000 in fees for help with loan modifications that rarely, if ever, pay off. As part of the crackdown, the FTC has filed five new cases to halt illegal practices, and also has sent 71 warning letters to operations using deceptive tactics to market their mortgage-loan modification and home foreclosure relief services. FinCEN also has issued an advisory that identifies “red flags” that may indicate a loan modification or foreclosure rescue scam warranting a Suspicious Activity Report filing. Click here to read the FinCEN advisory.New Mortgage Lending Bill Introduced New Mortgage Lending Bill Introduced On March 26, Rep. Brad Miller (D-NC), along with Rep. Mel Watt (D-NC) and House Financial Services Committee Chairman Barney Frank, introduced H.R. 1728, the Mortgage Reform and Anti-Predatory Lending Act of 2009. The measure was also co-sponsored by Reps. Kanjorski, Gutierrez, Bean and Minnick. The bill is aimed at curbing “predatory lending,” which is described as “a major factor in the highest home foreclosure rate in the nation in 25 years.” H.R. 1728 is extensive and comprehensive, and would expand the regulation of mortgage finance activities, adding restrictions and legal standards applicable to loan origination, loan servicing, assignee liability, and appraisal activities. Under the bill, all mortgage lenders, including banks, would have to abide by new “duty of care” requirements, stronger anti-steering provisions, “net tangible benefit” guidelines for refinances, reasonable ability to repay standards, new assignee liability provisions, and a series of other requirements. The federal banking regulators would be assigned regulatory responsibility and afforded broad new rule-making authority to address abusive mortgage terms and practices that may arise in the future. The bill, along with a full summary of its contents, may be found at http://www.house.gov/apps/list/press/financialsvcs_dem/press0326098.shtmlFHLB Des Moines to Host Member Meetings FHLB Des Moines to Host Member Meetings  Join Federal Home Loan Bank of Des Moines at our Regional Member Meetings designed specifically for community financial institution directors and executive management. The meetings will cover topics relevant to today’s uncertain financial environment including increased regulatory scrutiny, member credit scoring, collateral maintenance levels and the health of the FHLBank System. This year's keynote speaker will be Karl Nelson, SVP, director of Industry and Government Relations, Silverton Bank in Atlanta, Georgia. He will share innovative ways to manage liabilities, create funding and liquidity strategies and utilize various sources of liquidity. In Iowa, meetings will take place:
Iowa Finance Authority Offers New Program for Real Estate Owned Properties Iowa Finance Authority Offers New Program for Real Estate Owned Properties The Iowa Finance Authority is excited to announce a unique new program that can help hard-working Iowans purchase the home of their dreams! The REOHome Program offers up to $10,000 in down payment/closing cost assistance to qualified Iowans who are purchasing a home that is Real Estate Owned. Eligible Homebuyers:
Eligible Properties:
Other Details:
For details about IFA's REOHome Program click here or contact IFA at www.IowaFinanceAuthority.gov or 1.800.432.7230. Iowa Finance Authority Congratulates 2008 FirstHome Program Award Winners Iowa Finance Authority Congratulates 2008 FirstHome Program Award Winners Top Loan Volume Iowa Bankers Mortgage Corporation 2nd in Loan Volume Going the Extra Mile Award More News from Iowa Finance Authority More News from Iowa Finance AuthorityFirstHome and FirstHome Plus 2009 Income Limits and Purchase Prices The Iowa Finance Authority's FirstHome program's 2009 income limits and purchase price information is now available. For complete details visit: www.IowaFinanceAuthority.gov Mark your Calendar! Iowa Mortgage Help Expands Reach Iowa Mortgage Help Expands Reach  OCC/OTS Mortgage Metrics Report Shows Declining Credit Quality OCC/OTS Mortgage Metrics Report Shows Declining Credit Quality On April 3, the Office of the Comptroller of the Currency and the Office of Thrift Supervision jointly released their quarterly report on first lien mortgage performance for the fourth quarter of 2008. The report covers mortgages serviced by nine large banks and four thrifts, constituting approximately two-thirds of all outstanding mortgages in the United States. At the end of 2008’s fourth quarter, 2.4 percent of prime mortgages were seriously delinquent, more than double the 1.1 percent that were delinquent at the end of the first quarter, according to the Mortgage Metrics Report released Friday by the Office of the Comptroller of the Currency and Office of Thrift Supervision. The report also said that just under 90 percent of all mortgages were performing at the end of final quarter, compared with 93 percent at the end of the third quarter. Re-default rates during the first three quarters of 2008 were both high and rising. For example, 41 percent of loans modified in 2008’s first quarter and 46 percent modified in the second quarter were 60 or more days past due, the report said. Click here to read the OCC press release. Click here to read the report.Smart Marketing in a Slower Market Smart Marketing in a Slower MarketBy Gwen Buehler, Marketing Manager at In Touch Today We are sure you are well aware that the mortgage and real estate industries are experiencing a bit of a slow-down right now. During times like these, many professionals cut back on marketing - which is the worst thing they can do. Staying in front of your referral sources is critical to keep new and repeat business flowing. Don't believe us? In October 2008, the American Business Press released the following information: "Companies that cut back their marketing during the 1974-75 recessions barely increased their sales by 50% two years later. Companies that continued to market during the downturn saw an increase of over 200% in sales 2 years later." 1. Send a Digital Newsletter One of the best things you can do is remind clients and professional partners that you work on a referral basis. Three different Referral Request Postcard series offer fun and whimsical reminders to send referrals your way. Send a Referral Request Postcard each month and remember, just one solid relationship can make a world of difference in your business. http://www.intouchtoday.com/mortgage/referral-request-postcards.php 3. Pair up for Corporate Affinity Relationships 4. Mortgage Matters… so keep them informed 5. Add value… mail a Newsletter We hope these affordable and effective marketing suggestions help you to gain new clients, retain your current clients and attain new business building relationships! Remember, never stop marketing. If you aren't contacting your clients, someone else probably is. © 2009 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. Thank You from Gene Holst Thank You from Gene HolstDear IMA Friends – Thank you so much for the nice gift basket presented to me at my retirement party. I think our two groups have a very good working relationship. Thanks again for everything, Gene Holst To remove yourself from this mailing list, click here. |
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