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| Iowa Mortgage Association - Prime Times Jan 9, 2009 In this issue: President's Message Kick off the New Year with IMA! IMA and MBA to present two upcoming FHA seminars 2009 IMA Spring Conference: Reaching for the Summit of the Mortgage Industry IMA Presidents Club & Winner's Circle Loan Production Awards More Regulation Z Amendments Revised Home Valuation Code of Conduct Released USDA Rural Development Recognizes Top Mortgage Lenders Using Agency's Guaranteed Loan Program President's Message President's Message  Christy Allison Well, it' that time again. Yes, time to make your annual New Year's Resolution. And if you are like me you are very excited about it now but will that resolution still be in place in July? Let's be realistic about this. I have had the same resolution for the past 10 years so obviously I am just not setting goals that are meaningful. Perhaps wanting to weigh less and look like a super-model at my age was just a little out of my grasp after all! I am finally giving up on that resolution this year and just working on being a healthier me by reducing the sugar in my life (and I am a major sweet freak). Did you see I said reducing? I am not giving it up entirely; after all I am trying to set a realistic goal. What are your goals for this year? Are you being realistic? Are you in the process of setting goals? If not, you should be. Some of our most successful mortgage professionals review their goals each and every month to help them stay on track. I know during these crazy refinance days it may seem like the business is just dropping in your lap but you should also be paying attention to goals you established for purchase business. Let's not forget our real estate partners out there. They are still a vital part of our success and will continue to be when the rates start to increase. Are you taking time for yourself, your family, your faith and your education during these extremely hectic times? Don't forget to incorporate personal growth in your life while you are laying out your goals for this year. A well balanced IMA member is one of the best individuals to work with both professionally and personally. We are here to help you with these goals and resolutions at the IMA. We have some exciting education events planned this year to help take you to that next level in your career. We are already starting to take reservations for the upcoming FHA seminar that will be hosted with the Mortgage Bankers Association (MBA). We will also be promoting the IMA through more advertising efforts this year to establish our members as THE source for all mortgage information and solutions. Best of luck with those resolutions, Christy Allison (319) 314-3333 Kick off the New Year with IMA! Kick off the New Year with IMA!  Iowa Mortgage Association Networking Reception January 22, 2009 • 5:00 - 7:00 P.M. This event is free for all to attend. Join IMA for Hors d'oeuvres. Also, if you donate a non-perishable food item for the Food Bank of Iowa you will receive a FREE drink ticket. Questions? Call IMA at (800) 800-2353. IMA and MBA to present two upcoming FHA seminars IMA and MBA to present two upcoming FHA seminars The IMA is proud to present two upcoming FHA seminars. The seminars are presented by the CampusMBA, the educational wing of the Mortgage Bankers Association. The curriculum is up-to-date and developed by MBA in conjunction with the Department of Housing and Urban Development to address all your questions about FHA lending. The first seminar is gears for loan originators and processors. The second workshop is a more advanced look developed especially for underwriters and originators who want all the details on FHA lending guidelines. FHA Fundamentals Workshop Tuesday, February 24, 2009 • Johnston • Iowa Bankers Association The FHA Fundamentals Workshop is designed for anyone who is new to residential FHA lending and those who need to refresh their knowledge of the FHA guidelines. FHA’s continual changes has had a remarkable affect on our industry. Take this opportunity to attend a great workshop for FHA Sales and Operations to help refill your pipeline! Attending this one-day event will keep you abreast of all the recent changes in FHA procedures and regulations. We provide up-to-the-minute information, including HERA and Mortgagee Letters. Learning Objectives Wednesday, February 25, 2009 • Johnston • Iowa Bankers Association The FHA Underwriting and Operations Workshop is designed for residential processors, underwriters and quality control staff responsible for the details within an FHA loan and who have taken the FHA Fundamentals workshop. Otherwise, attendees should have at least 2 -4 years of recent hands-on FHA experience. This workshop takes a deeper dive into the processing and underwriting requirements and helps participants apply those guidelines and rules in day to day operations. Further, this workshop will discuss the back end of the process from closing through insuring and quality control. Attending this one-day event will keep you abreast of all the recent changes in FHA procedures, guidelines and regulations. You will know how to deliver a quality product to HUD and be ready for the opportunities FHA financing brings to customers. Learning Objectives Registration for each seminar is $195 for members and $290 for nonmembers. 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  April 2, 2009 - Sheraton Iowa City Hotel The Iowa Mortgage Association is dedicated to helping mortgage professionals. IMA has discovered that the key to success is working together. By providing opportunities for education, networking and industry awareness we raise the level of everyone in the industry. With the current public perception of the mortgage industry and stresses in our industry it is vital that we stand as one, working together for the future of the industry. By working together we will have a successful future. IMA is proud to present the 2009 Spring Conference. IMA has designed a full-day of educational opportunities. With sessions on coaching your team, thriving on change, industry updates and an inspirational message, the Spring Conference will provide you with what you need to reach the summit as a mortgage professional! With sessions on being an effective originator, industry updates and an inspirational message, the Spring Conference will provide you with what you need to thrive as a mortgage professional! Take this opportunity to network with your peers from around the state, sharing ideas and solutions. As always the Spring Conference will also feature an exhibit hall with the latest products and services for the mortgage industry. Your peers, industry vendors, educational speakers and informative sessions will help you be successful in the mortgage industry. We look forward to seeing you at the conference and know you will discover ideas that will foster professionalism and success in your business! Registration is available on the IMA website at www.iowama.org/calendar.cfm.IMA Presidents Club & Winner's Circle Loan Production Awards IMA Presidents 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
Applications are available on the IMA website at www.iowama.org/benefits.html. More Regulation Z Amendments More Regulation Z Amendments On Dec. 5, the Federal Reserve Board released proposed amendments to Regulation Z (which implements the Truth in Lending Act) that would revise certain disclosure requirements for mortgage loans. The new amendments being proposed would implement recent legislative amendments to the Truth-in-Lending Act (TILA), enacted under Title V of the Housing and Economic Recovery Act of 2008 (H.R. 3221), entitled the Mortgage Disclosure Improvement Act (MDIA). Some of the provisions are consistent with recent amendments to TILA but the MDIA also adds new requirements. Under the MDIA, Congress sought to ensure that consumers receive cost disclosures earlier in the mortgage shopping process by requiring the delivery of good faith estimates of mortgage loan costs within three business days after application and before any fees are collected from the consumer (other than a reasonable fee for obtaining the consumer's credit history). The Board states that these requirements are consistent with changes enacted under their July 2008 final TILA rule (73 F.R. 44522), applicable to loans secured by a consumer's principal dwelling. The MDIA however, applies these provisions to loans secured by a dwelling even when it is not the consumer's principal dwelling, such as a second home. Moreover, the MDIA imposes additional requirements not contained in the July 2008 final rule to Regulation Z. Under the MDIA:
The MDIA imposes different requirements for early disclosures in closed-end mortgage transactions that are secured by a consumer's interest in a timeshare plan. The MDIA also contains additional disclosure requirements for variable-rate transactions that are not addressed in this proposed rulemaking. Those provisions of the MDIA will not become effective until January 30, 2011, or any earlier compliance date ultimately established by the Board. This proposal does not address those disclosures. The Board anticipates issuing proposed amendments to Regulation Z to implement those provisions of the MDIA during 2009, in connection with the Board's comprehensive review of closed-end mortgage disclosures that is currently underway. These provisions of the MDIA will become effective on July 30, 2009, which is earlier than the Oct. 1, 2009 effective date of the July 2008 final amendments to Regulation Z. The Federal Reserve Board extended the comment period on this proposal implementing the MDIA provisions until February 9, 2009. The notice was published in the Dec. 10, 2008 Federal Register found online at http://edocket.access.gpo.gov/2008/pdf/E8-29123.pdf.Revised Home Valuation Code of Conduct Released Revised Home Valuation Code of Conduct ReleasedFannie Mae and Freddie Mac announced the availability of the revised Home Valuation Code of Conduct (the Code) on December 23, 2008. The effective date for Sellers to adopt the Code is May 1, 2009. The revised Code can be found online at http://www.freddiemac.com/singlefamily/pdf/122308_valuationcodeofconduct.pdf. The Code is the result of the March 3, 2008, agreement between Fannie Mae, Freddie Mac, the Federal Housing Finance Agency and the New York State Attorney General to enhance the independence of appraisers. The revised Code incorporates many of the comments received from Sellers and other industry participants during the open comment period, addressing operational and implementation concerns, unintended consequences or risks, as well as providing further clarification of terms. Beginning May 1, 2009, lenders must represent and warrant that appraisals conducted in connection with single-family mortgage loans sold to Fannie Mae or Freddie Mac conform to the Code. On and after May 1, 2009, Freddie Mac and Fannie Mae will not purchase single-family mortgage loans, other than government-insured loans, from mortgage originators that do not agree to adopt the Code. The Code is not applicable to an institution's portfolio loans. Fannie Mae and Freddie Mac indicated they would be providing additional details on requirements for implementing the Code in January. They will be integrating the Code into a future Single-Family Seller/Servicer Guide (Guide) Bulletin. USDA Rural Development Recognizes Top Mortgage Lenders Using Agency's Guaranteed Loan Program USDA Rural Development Recognizes Top Mortgage Lenders Using Agency's Guaranteed Loan Program  Heather Honkomp, Housing Program Director with USDA Rural Development in Iowa, has announced the top mortgage lenders using the agency's guaranteed home loan program in Iowa in 2008. 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. "Rural Development is very pleased at the success we have had over the past year in helping Iowans become homeowners," Honkomp said. "The partnerships we have with lenders all over the state are critical to our ability to reach this level of success. We are looking forward to continuing these relationships and making 2009 even more productive." With guaranteed lending, a loan is made to a borrower following the same basic steps as a conventional loan. USDA Rural Development then agrees to reduce the loss the lender may have if the borrower falls short on their commitment. "Guaranteed lending is one of the most valuable services offered by USDA Rural Development," Honkomp said. "How it works is rather simple, and there are many benefits to all participants including borrowers, lenders, and even local communities." Top Loan Originators
Rural Development recognizes the top five loan-writing lenders in Iowa who participated in the guaranteed loan program in 2008. These lenders provided mortgage services from processing to closing for rural Iowans purchasing home loans via local lenders last year.
Each year USDA Rural Development in Iowa invests more than $100 million in loans and grants that provide residents with decent, safe and sanitary single or multi-family housing. Housing loans can be obtained directly through Rural Development or from a private financial institution. "Ensuring that Iowans living in rural communities have decent, safe and affordable housing has been a top priority of USDA Rural Development for many years," Honkomp said. Contact USDA Rural Development USDA Rural Development is an equal opportunity lender with a variety of direct and guaranteed rural credit programs involving single and multi-family housing, community facilities, water and sewer development and business and industry programs. Further information on this and other programs offered by USDA Rural Development is available by calling (515) 284-4663, by visiting www.rurdev.usda.gov/ia or at any local area office.To remove yourself from this mailing list, click here. |
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