President's Message

President's Message

Christy Allison

Christy Allison
2008-09 IMA President
Christy.Allison@countrywide.com
(319) 314-3333

IMA Appraisal Training to cover HVCC

IMA Appraisal Training to cover HVCC

IMA Appraisal Training: HVCC & Hotspots
March 25, 2009, Johnston, Iowa Bankers Association

This 3-hour seminar will focus on today’s top issues regarding appraisals including:

HVCC– On May 1, 2009 the Home Valuation Code of Conduct (HVCC) will be implemented by Fannie Mae and Freddie Mac. The Code applies to lenders that sell single-family mortgage loans to the Enterprises beginning May 1, 2009 and will help assure that borrowers, homebuyers and secondary mortgage market investors receive fair and independent property valuations.

Learn the main provisions of the code and how it will affect you as a lender.

Appraisal Hotspots – As a lender, learn what are the major hot spots that underwriters, processors and lenders should note on an appraisal.

Registration is available on the IMA website at www.iowama.org/calendar.cfm.

Servicing Today: Early Intervention and Loss Mitigation

Servicing Today: Early Intervention and Loss Mitigation
Thursday, 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.

• Identify retention and disposition loss mitigation measures.

• Understand insurer and investor loss mitigation requirements.

• Determine the suitability of loss mitigation measures.

• Formulate borrower loss mitigation workouts.

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
Nonmembers $290

Register online at www.iowama.org

2009 IMA Spring Conference: Reaching for the Summit of the Mortgage Industry

2009 IMA Spring Conference: Reaching for the Summit of the Mortgage Industry

Registration is available on the IMA website at www.iowama.org/calendar.cfm.

IMA President's Club & Winner's Circle Loan Production Awards

IMA President's Club & Winner's Circle Loan Production Awards

The Iowa Mortgage Association is pleased to announce the Winner's Circle and President's Club awards. An ongoing recognition program, the club will consist of mortgage originators who meet certain criteria set from year to year. The originator must submit their entry form and be able to produce verification of the volume in written form to the selection committee.

The members of the 2008 Winner's Circle and President's Club will be honored at the IMA Spring Conference on April 2, 2009.

Criteria for the Iowa Mortgage Association's Winner's Circle & President's Club

1. Originators must originate loans in the State of Iowa, out of state production will be considered, but the home base or branch of the originator must be Iowa. Minimum loan origination eligibility is $12 million or 100 units of residential loan volume in 2008 for Winner's Circle and $15 million or 120 units of residential loan volume in 2008 for President's Club.
2. The originator must submit an entry form confirming their personal loan volume, signed by the originator and branch manager, president or other responsible party. The originator will be required to provide proper verification in the form of a print out of the volume or other acceptable report, verified by the company CFO, President, or Accountant.
3. The reported production must be the originators personal business that was a result of his or her referral network and marketing efforts. Originators are not allowed to combine their production figures with those of another originator.
4. All entries must be submitted by March 6, 2009.
5. Must be an IMA member in good standing.

The IMA's Appraisal Tramining in March will focus on the Home Valuation Code of Conduct. Learn more about the seminar in the article above "IMA Appraisal Training to Cover HVCC."

HUD Delays RESPA’s Builder Prohibition Rules

HUD Delays RESPA’s Builder Prohibition Rules

The Department of Housing and Urban Development announced in the January 15, 2009 Federal Register that it will delay until April 16, 2009 the implementation of a rule that would ban builders from offering discounts to homebuyers that use their affiliated mortgage companies. The rule, which is part of the Real Estate Settlement Procedures Act revisions finalized in November, was scheduled to take effect January 16, 2009.

The cause for the delay, HUD officials said, is a complaint the National Association of Home Builders filed Dec. 22 in the U.S. District Court in Alexandria, Va., seeking an injunction to block the rule’s implementation.

FFIEC Rate Spread Calculator for HMDA Reporting and new HOEPA Triggers

FFIEC Rate Spread Calculator for HMDA Reporting and new HOEPA Triggers

The FFIEC has revealed a new website to assist HMDA reporting institutions with the 2008 Regulation C amendments. The site calculates the applicable reporting Rate Spread data, which will become effective on October 1, 2009. The Rate Spread Calculator generates the spread between the Annual Percentage Rate (APR) and a survey-based estimate of APRs currently offered on prime mortgage loans of a comparable type utilizing:

• · The “Average Prime Offer Rates- Fixed” and “Average Prime Offer Rates- Adjustable” tables
• · Nature of Action taken
• · Amortization type
• · Lock-in date
• · APR
• · Fixed term (loan maturity) or variable term (initial fixed-rate period)
• · Lien status

The MBA has created the "Stop the Bankruptcy Cram Down Resource Center" for more information on the legislation. The center includes a list of each state and how loan amounts would increase as a result of the higher interest rates that MBA estimates will occur if bankruptcy cram down is allowed to become law.

MBA Releases 3rd Quarter 2008 Mortgage Market Profile for Iowa

MBA Releases 3rd Quarter 2008 Mortgage Market Profile for Iowa

The Mortgage Bankers Association (MBA) has released the state mortgage market profile for the state of Iowa based on data as of Third Quarter 2008. Iowa's market profile includes:

• - Annual homeownership rate (2004-2007)
• - Total Originations in 2007
• - Government-insured Originations in 2007
• - Mortgage Performance Data for 2008

USDA Rural Development's Guaranteed Housing Program Remains Active

USDA Rural Development's Guaranteed Housing Program Remains Active During Continuing Resolution

USDA Rural Development is continuing to issue conditional commitments for its guaranteed housing program during the federal government's continuing resolution.

The guarantee loan program is for households that do no exceed moderate-income limits. The program is administered by local lenders who take the applications, process them and determine the acceptability of the home to be financed.

Eligible homes must be located in a community of 20,000 persons or less. Applicant's eligibility requirements include good credit history, adequate and dependable income and repayment ability for the loan.

"It is likely USDA Rural Development will have additional funding, above our appropriated funds, available for guaranteed home loans through the national stimulus package," said Heather Honkomp, USDA Rural Development Housing Director in Iowa.

Through partnerships with lenders across the state, USDA Rural Development helped a record 1,648 Iowa families purchase homes in 2008. The agency did this by guaranteeing more than $130 million in loans made by private lenders to low and moderate income homebuyers in Iowa.

The agency also provides guaranteed loans for business opportunities, as well as to help communities purchase or build essential community facilities and services.

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

A Special Report on Ten Great Marketing Ideas You Can Implement Today!

A Special Report on Ten Great Marketing Ideas You Can Implement Today!

Marketing is the bane and boost to every business… but how to make an impact today on the rest of your year? Here are some fast and easy ideas to make you a hero in your customer's eyes:

1. Double (or Triple!) Your Database and Cut Your Cost in Half! - Joint Market! Team up with a Realtor and send out joint mailings! Use a newsletter (more room for customization) to mail to your combined database. You get twice the marketing impact for half the money! Another idea - print YOUR side-by-side financing options on the back of THEIR listing fliers.
2. Care for Clients' Kids! Ever try taking a loan app with cranky kids around? No need to fret - preparation can convert crybabies to calm and happy children! First make sure you have some snacks - crackers and juice work great. Then, a fun activity with a reward for quiet creativity! Find a great picture for them to color - make copies and invest in some crayons. Offer a prize for completed works of art! Visit OrientalTrading.com for inexpensive prizes, or call 1-800-875-8480 for a catalog.
3. Ask for Referrals Every Time You Email! What a simple idea - yet very few loan officers do it. A simple tagline added to your email signature is all it takes… say something like this: Please call or email me with your referrals - my philosophy is to focus my time and resources on clients who know my adherence to excellence rather than market to strangers.
4. 4. Write Thank You Notes! No - not to people who give YOU business, but to people whom you give business TO! Write your florist, your grocer, your insurance representative, etc. Let them know you appreciate them and make sure to include your business card in the envelope.
5. 5. Set Up an Email Home Financing Course! Imagine a marketing idea that costs you NOTHING once you set it up! Imagine a little box on your website, or an address in your signature file that allows your clients and prospective clients to sign up for free information on Smart Home Financing Tips! All you do is write the series of emails you'd like sent, and when they sign up they receive one or a series of emails at a timing that you designate. Easy, effective and FREE! For a free auto responder service check out www.sendfree.com.
6. Create a Discount Package! Contact local business owners and ask them to offer discounts on their services or products. For example, partner up with a dry cleaner and offer a 'clean 3 shirts get 2 free'. You can offer a free credit report or consultation. The local coffee shop can offer a 'buy one drink get one half price'. You can then send this 'discount package' to your database as well as the client lists of the business with which you partnered up with for more exposure.
7. They May Forget You but They Remember Food! How about taking a bread machine to the next open house you are co-hosting? Or advertising "Hot Loan Rates" at a BBQ you host in the parking lot of your office building… invite all the neighboring businesses, past clients, etc. And be sure to let the papers know!
8. Map it Out! Include a mini-map on the back of your business card for homebuyers to find your office with ease!
9. Thanks a Million (Maybe) for that Referral! Send your referral sources a lottery ticket and a thank you note and wish them the best! (Imagine the great publicity if they win!)
10. Ask for Testimonials! Third party testimonials often carry more weight than you telling people how great you are. Make an after closing survey a regular part of your sales process. And publicize those words of praise! Have a testimonial page on your website and include testimonials in your personal brochure. And don't forget to pass on the praise to the referring Realtor! You may even want to ask questions on behalf of the Realtor as well… giving them testimonials to use in their own marketing.

IMA Prime Times Member Spotlight: Deb Sullivan

IMA Prime Times Member Spotlight: Deb Sullivan

Name: Deb Sullivan
Company: Valley Bank
E-mail address: dsullivan@valleyb.com

Prime Times: What is your current position?
Response: Vice President/Quad City Production Manager

Prime Times: How did you get started in the mortgage business?
Response: I started my career in a Real Estate office 35 years ago as an administrative assistant/closing coordinator. I worked closely with a local bank and decided the lending field would be a better fit for me.

Prime Times: Were you an immediate success?
Response: Yes. In my first year I originated over $11 million dollars which was huge at that time.

Prime Times: When did you begin to realize that you were successful?
Response: When I moved to Peoria in the early years, I had a Realtor partner mention that she was "losing her right arm." I had no idea I had become that valuable!

Prime Times: What mistakes do you think new loan originators typically make?
Response: They can easily miss the little things by avoiding attention to the details in a transaction.

Prime Times: How about the veteran loan originators? What mistakes do they make?
Response: They can get a little to set in their ways. They need to remain open to change and new ideas for continued growth.

Prime Times: What differentiates you and your company from other originators and companies?
Response: Although "service" is the buzz word today we REALLY believe in providing a service with no surprises.

Prime Times: What is your most successful sales tool?
Response: I believe honesty is the best policy. I don't over promise and make expectations clear with all parties at the start of the loan process.

Prime Times: Who or what was the biggest contributor to your success?
Response: My first mentor was Vaugh Evans. He inspired me in loan production and caring about people.

Prime Times: What is your current mix of business and business sources?
Response: I am 100% referral based with 35% of my business coming from Realtor and other business partners, 35% from past customers and the rest is other trusted partners. My business mix is 70% purchase loans and 30% refinances.

Prime Times: If you could change one thing about the mortgage business, what would that be?
Response: It would be great to bring back public confidence in our industry by promoting integrity and ethics.

Prime Times: What other goals in your career would you like to accomplish?
Response: Eventually, retirement!

Prime Times: What words of wisdom would you offer other mortgage originators?
Response: Stay focused, maintain integrity and build solid relationships with your referral partners and past clients.

Prime Times: Any final thoughts?
Response: Everyone in the IMA should continue to grow and improve by attending the upcoming IMA Education events. With so many changes on a daily basis right now in the loan industry, you will become THE trusted referral source in your area.

To remove yourself from this mailing list, click here.